USD/NOK 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/NOK has rallied since October 30, however, after hitting pattern's resistance and November's high, the rally paused and since then the pair has been fluctuating between two trend lines. Despite the sideways movement, the pair still has a potential for further appreciation, as from the downside it is bounded by a strong support line and a 200-period SMA. Moreover, even lower is located a 23.60% Fibonacci retracement. Technical indicators are sending "buy" signals on 4H and daily charts, suggesting the short and medium-term outlooks are bullish. Therefore, a retest of a weekly R1 and recent high at 6.2108 is expected.
© Dukascopy Bank SA
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