USD/NOK 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to a four-year high of 6.3152 sapped USD/NOK energy and forced it to slide from this peak at an accelerating pace. The pair lost more than 1,200 pips within three days and may extend its decline in future given the disposition of its SMAs. The 50-hour SMA is unremittingly approaching the 200-hour SMA and is likely to dive below the long-term SMAs in the following hours thus adding selling pressure at a time when the pair is attempting to consolidate above the upper limit of the tunnel. If the pair succumbs to the downside pressure, the recent breakout is likely to appear false and the pair may be again locked by the tunnel's boundaries.
© Dukascopy Bank SA
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