USD/NOK 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending triangle pattern shaped by USD/NOK started on January 23, several days before the pair hit a four-year of 6.3134. Being a bearish formation, the channel was constantly pushing the pair lower to its support line at 6.0210 that was broken on February 28 when the pair approached the apex.
Currently the pair is vacillating below the triangle support, albeit slightly, meaning that now it represents a lucrative opportunity for traders as a sharp depreciation is likely to take place before long. This is also bolstered by SWFX data, indicating that 64.52% of all orders are to sell the pair.
© Dukascopy Bank SA
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