USD/NOK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 223-bar long rising wedge is moving to its apex and likely to be completed soon, as the price is testing pattern's support and bears were even able to close below the key level. At the moment of writing, the pair was fluctuating at 6.0799, just couple of pips below the Fibonacci retracement (23.60%). Market sentiment is not clearly market, while greenback is bought in just slight majority of all cases (59%). Even though, technical on a daily chart are pointing at further appreciation, a dip below 6.0557 would indicate a formation of new downtrend. In this case, short traders could focus on 6.0203, represented by a 200-period SMA and 4H S3.
© Dukascopy Bank SA
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