USD/NOK 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Aug 26 the USD/NOK cross has been trading in a tight range between 8.40 and 8.25, which are forming the rectangle pattern on a one-hour chart. At the moment the Greenback seems to be recovering, after receiving a confident impetus from the lower trend-line, which is currently reinforced by the weekly pivot point and 200-hour SMA. The outlook for the next 24 hours is likely to remain positive, as technical indicators are pointing to the upside, while the 55-hour SMA is going to cross the 100-hour SMA soon, thus signalling of the pair's bullish trend. In the meantime, market sentiment is undecided at the moment, with bulls and bears holding 49% and 51% of all  open positions, respectively.

© Dukascopy Bank SA
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