USD/NOK 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similarly to the situation observed in CAD/CHF, for USD/NOK there are also two viable development options. Either the currency pair passes through the supply concentrated around the down-trend resistance line located at 6.0330, thereby confirming the falling wedge; or the exchange rate retreats from the current trading levels, as suggested by the daily technical indicators. Then the U.S. Dollar will gravitate towards 5.98-5.97, the most likely point of contact with the lower down-trend line.
Meanwhile, there is a substantial difference between the numbers of long and short positions open on USD/NOK—71% and 29% accordingly.

© Dukascopy Bank SA
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