USD/NOK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The high-quality rising wedge pattern on a longer-term chart of the USD/NOK currency cross has been formed relatively recently. At the moment the trading level is located at pattern's resistance around 6.4076. The pair has a good potential to breach this level and continue hovering to the upside, at least until the weekly R2 level of 6.4551. Moreover, from the south the pair can be stopped by a number of considerable support levels, including the August 2010 high at 6.3688. The idea of up-trend in the long-term is also shared by technical indicators. Market participants, however, are more sceptical about pair's perspectives, as 74% of all positions are short at the moment.
© Dukascopy Bank SA
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