USD/NOK 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On October 17, 50-hour SMA dived beneath 200-hour SMA suggesting an on-going weakness of the pair. Indeed, the currency couple has been retreating until October 23 when selling pressure abated and helped USD/NOK to start formation of the channel up pattern. Currently, the pair is trading between its 200-and 50-hour SMA, with 200-hour SMA meandering above the pair. If both SMAs continue to move closer, a golden cross may occur, giving the pair impetus for appreciation that is likely to take the currency couple near the upper boundary of the pattern.
© Dukascopy Bank SA
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