USD/NOK 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the USD/NOK currency pair formed a rising wedge pattern, it seems that the pair's slow upward trend is likely to lead to stagnation in the long run. The pair is hovering just below the monthly R1 right now, while it is immediately followed by the pattern's upper boundary at 8.37. However, a confirmation of the pattern looks more realistic in the foreseeable future, as a cluster of demand levels below 8.25 will most likely withstand any potential bearish pressure. Moreover, daily and weekly technical studies assume that bulls will violate both of the mentioned obstacles. In the meantime, market sentiment is broadly mixed, as bears (53%) have a slight advantage over bulls (47%).

© Dukascopy Bank SA
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