| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Buy | Neutral | Neutral |
| Alligator(13;8;5) | Neutral | Buy | Buy |
| SAR(0.02;0.2) | Sell | Sell | Buy |
| Aggregate | ⇒ | ⇒ | ⇗ |
The USD/NOK exchange rate has been testing the lower boundary of the rising wedge pattern (4H time-frame chart) since the beginning of November.
From a theoretical point of view, it is likely that a reversal north could occur within the following trading sessions, and the currency pair could continue to appreciate within the given pattern in the medium term. Important level to look out for is the monthly R1 at 9.3177.
However, note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 9.1700. Therefore, the rate could breach the given pattern south in the nearest future. In this case the pair could target the Fibonacci 23.605 retracement at 8.8756.