© Dukascopy Bank SA
After a 3600-pip movement since late October, USD/NOK currency pair paused and since that time has been trading in a 1600-pip move. Meanwhile, bulls have almost penetrated pattern's resistance on December 12, however, the price pulled back and at the moment of writing the price stood at 6.1441. The short-term outlook for the pair is bearish, as 61% of traders are holding short positions, while technical indicators on a 4H chart are sending "sell" signals. However, the pair is unlikely to dip below the 200-period SMA, as technicals on a daily chart are pointing at further appreciation. Nonetheless, the pair has a great potential for a 316-pip movement to the south.
© Dukascopy Bank SA