USD/NOK 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK started to post lower peaks but at the same time bounce off the support at 6.0632 in early November after a failure to breach the resistance at 6.2250. In the end this behaviour turned out into appearance of the descending triangle.
On Nov 29 the currency pair violated the down-trend resistance line and reached the first target at 6.1366. Subsequently, after a brief pull-back, USD/NOK has found a strong support level at 6.0810, which is likely to initiate a recovery that might extend up to 6.2250. For the time being the four-hour and weekly technical indicators are in favour of a bullish scenario.
© Dukascopy Bank SA
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