USD/NOK 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK is on the verge of a massive sell-off that is confirmed by various factors. Firstly, the pair is trading slightly below the lower-trend line of the 421-bar long ascending triangle pattern at a time when the instrument almost approached the apex. Secondly, the likelihood of a bearish exit is supported by traders who bet on depreciation of the pair in almost 75% of cases, showed the SWFX data. On the basis of the above, now is the right time to profit from USD/NOK moves as we are the most likely to observe a sharp decline in the hours to come.
© Dukascopy Bank SA
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