USD/NOK 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The recent decline below the lower limit of the 123-bar long triangle pattern shaped by USD/NOK may be real breakout capable of sending the pair farther from a four-month high near which it is trading now. The idea that the exit is likely to lead to a massive sell-off is propped up by the SWFX sentiment – more than 75% of traders bet on depreciation of the pair. Furthermore, the pair has almost reached the apex that lies several bars ahead. Meanwhile, technical indicators send mixed signals—'sell' in the short-term and ‘buy' in the medium– and long-term.
© Dukascopy Bank SA
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