USD/NOK 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A drop to a one-month low in the very end of October provoked an appreciation of the U.S. Dollar against the Norwegian Krone; this climb has become a part of the 195-bar long double top pattern formed by the pair. Recently, the currency couple has belied expectations of a breach of the pattern's support, remaining above this significant level after coming off the second peak of the pattern. Currently, the pair is trading above its 50-and 200-bar SMAs that are not likely to allow the pair to follow a bearish trend in the hours to come.
© Dukascopy Bank SA
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