USD/NOK 1H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Inability of the US Dollar to appreciate above the weekly pivot point and downward-sloping 200-hour SMA is highly likely to result in a failure of this currency pair in the nearest future. USD/NOK has already struggled to gain value, when crossing both 55 and 100-hour SMAs earlier last week. A decline below 8.10 should trigger losses down to 8.0452 in the next few days, where weekly S1 coincides with daily S2 and Oct 14 low. This case is shared by daily indicators at the moment. However, 57% of all SWFX traders are bullish. In case the longs succeed in pushing the pair above 8.1220, they will target the 8.18-8.20 area next, where we look at the weekly R1 and upper trend-line of the pattern.
© Dukascopy Bank SA
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