USD/NOK 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is set to increase in value against the Norwegian Krone. The currency pair is currently trading near the apex of the falling wedge, which is a bullish pattern. Accordingly, the upside risks are increased, and if the upper trend-line at 8.3850 is breached, USD/NOK will be well-positioned for a 0.7-0.8% rise up to the resistance area between 8.44 and 8.46. There the weekly PP merges with the long-term moving average and July 13 highs. If this supply zone is crossed as well, the next objective will be the July 8 high at 8.55. Alternatively, in case the price closes below 8.3350, the rate will likely gravitate towards 8.2835, namely the July 4 low.
© Dukascopy Bank SA
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