USD/NOK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has been on a sideways trend for most of November; however, now at the second part of the month the pair has started to form a rising wedge pattern.
Currently, the pair is facing the lower trend-line, as bears are trying to drag the pair below the level. With the mixed technical levels this might be the case. The bigger reason for bearish break-out to take place is the fact that an overwhelming majority of the SWFX market participants are the pair's bears, namely 71.28% of them. Therefore, we think that USD/NOK will decline towards the weekly S1 and daily S2 at 6.7047/35, these are the levels where the pattern started to form.
© Dukascopy Bank SA
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