USD/NOK 4H Chart: Triangle

While on the 4H time-frame the chart looks more like an ascending triangle, an hourly chart resembles a symmetrical triangle. In any case, both patterns suggest the general bullish trend is going to persist. Accordingly, the consolidation should come to an end before we reach the apex of the triangle (Jul 29) by a break-out to the upside. This scenario is also supported by the daily and weekly technical studies. If this is the case, one of the first targets is going to be the weekly R1 and Jul 16 high at 6.2252, while the weekly R2 and Jul 3 high at 6.2586 is going to be one of the main objectives. However, the sentiment of the SWXF market towards USD/NOK is heavily bearish—74% of positions are short.