USD/NOK 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a drop to a one-month low of 5.9126, USD/NOK reversed its trend and entered a bullish channel. The currency couple has been a subject to buying pressure for more than 190 hours; however, now there are some signs that the instrument is willing to end its winning streak. According to the SWFX numbers, market players are bearish on the pair in 71% of cases. To confirm the traders' view, the pair has to retreat from the daily pivot at 5.9919 to the 50-hour SMA at 5.9889. In case the short-term SMA fails to contain the decline, the currency couple may even try to target the pattern's support at 5.9796.
© Dukascopy Bank SA
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