USD/NOK 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK has formed a double bottom at the end of the Sep 28-Oct 12 sell-off, meaning the Dollar is now well-positioned to negate these losses. The pattern and the bullish outlook will be confirmed when the currency pair gains a solid foothold above 8.1970/8.1750, a dense supply area created by the Oct 13 high, monthly S1 and weekly PP. If this is the case, the first major target will be the 200-period moving average at 8.2675, but given the height of the pattern the rally will likely extend higher, potentially up to 8.32.
At the same time, a close beneath 8.05 will invalidate this scenario, and we will then wait for a test of the 200-day SMA at 7.95.
© Dukascopy Bank SA
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