USD/NOK 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar has been steadily appreciating against the Norwegian Krone since late October, however, the pair is facing a strong resistance at 6.2210 and bulls were not able to push the price above it. Moreover, Friday's labour report from the United States pushed the price below the 200-period SMA, and according to aggregate technical indicators on a 4H chart the pair will head towards Fibonacci retracement at 6.0813. At the same time, indicators on a longer time frame are suggesting further, appreciation, while is already in the zone that indicates market is oversold. Nonetheless, the short-term outlook is bearish, and short traders can focus on 6.0929.
© Dukascopy Bank SA
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