USD/NOK 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-November USD/NOK has been trading sideways; however, it managed to perform several relatively wide swings in the last trading sessions of 2013 thus forming a rising wedge pattern.
Recently, the pair has bounced off its short-and long-term SMAs and now seesaws not far away from the pattern's resistance but a further upside is unlikely as market participants are mostly bearish on the currency couple-about 52.63% of all positions are short. Technical indicators gainsay traders' sentiment, sending bullish signals for short and medium terms.
© Dukascopy Bank SA
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