USD/NOK 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Another rising wedge pattern but this time shaped by USD/NOK has been recently broken through. The pair dived below the lower limit of the 208-bar long formation and has been trading there for two hours already. A bearish breakout from the rising wedge is the key indication of the forthcoming sell-off. This is also reinforced by the SWFX data-over 70% of all orders are placed to sell the pair. On the basis of the above, the pair seems to be on the verge of an accelerating decline and holders of short positions are likely to benefit from the pair's moves.
© Dukascopy Bank SA
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