USD/NOK 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S Dollar– Norwegian Krone cross will be highly attractive for traders soon, as pair has reached an apex point– where pattern's resistance and support line crossing each other. Recently, the pair has breached pattern's lower boundary already, and while a majority of technical indicators are sending "buy" signals, pair's depreciation is expected. Vast majority (74%) of traders are holding short positions on the pair, and therefore, the next support level is a recent low and a daily pivot at 6.1786. In case it is breached, next key level is located at a weekly support at 6.1639. As an alternative scenario, a move above pattern's resistance will put 6.2081 on the map.
© Dukascopy Bank SA
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Wed, 22 Jan 2014 06:57:36 GMT

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