USD/NOK 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even taking into account low trading volumes, USD/NK almost managed to hit the strong support at 6.0825, represented by a 23.60% retracement. In case the pair dips below this level, and this move is supported by technical indicators on a daily chart, the next target for short traders is located at 6.0711, where they will find pattern's support. The pair had a great potential to continue moving upwards on December 12, however, bulls were not able to penetrate the upper trade line and the price inched lower. Moreover, the new high is lower than the previous one, hence, bullish trend is loosing steam. Nevertheless, indicators on a weekly chart are sending "buy" signals.
© Dukascopy Bank SA
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Fri, 27 Dec 2013 15:54:36 GMT

EUR/USD 4H Chart: Channel Up

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Fri, 27 Dec 2013 11:55:04 GMT

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