USD/NOK 1H Chart: Bulls could prevail - Trade Pattern Ideas - Dukascopy Bank

Thu, 20 Feb 2020 14:55:07 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralSell
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate

The US Dollar has been appreciating against the Norwegian Krone since the beginning of February within the ascending channel.  

Note that the USD/NOK exchange rate is supported by the 200-hour moving averages near 9.2700. Thus, a breakout north could occur in the nearest future. A possible upside target is the upper boundary of the long-term ascending channel located in the 9.6000 area. 

It is unlikely that bears could prevail in the market, and the currency pair could decline below the lower boundary of the senior channel located circa 8.9000.


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