USD/NOK 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a channel down pattern on the 4H chart formed by USD/NOK. The pattern looks more like a broadening wedge, as trading range is broadening and is now more than 400 pips larger than in March. At the moment of writing the pair was struggling to move above the 200-period SMA, located at 5.9565. While technical indicators on the 4H and daily charts are neutral, 73% of traders are holding long positions, meaning extremely positive attitude towards the greenback can push the pair up to the upper trend line. The long term-outlook, however, is bearish, as indicators on a weekly chart are sending 'sell' signals. Unless the pair trades below the SMA, the outlook will remain bearish.
© Dukascopy Bank SA
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