USD/NOK 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The lower boundary of the 146-bar long ascending triangle pattern formed by USD/NOK was breached five bars ago. The breakout is likely to be real considering that even 50-hour SMA that is meandering below the lower trend line failed to mollify the downside pressure and allowed the pair to dive beneath it. However, market participants are in favour of the bullish outlook as 56.25% of all orders are placed to buy the pair. Meanwhile, technical indicators support traders' view in the medium term but are neutral for short and long terms.
© Dukascopy Bank SA
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