USD/NOK 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Previously we were convinced by several factors that USD/NOK would remain bearish and was therefore poised for a decline. As it turned out, the falling resistance line failed to contain the surge and allowed the price to mount over the 200-hour SMA as well. Now the price is likely to face the resistances at 5.9556 (daily R1), 5.9729 (daily R2) and 6.0023 (daily R3), while being underpinned by the supports created by the long-term moving average, daily pivot point and mainly by the down-sloping line. Nevertheless, there is yet no accord among SWFX traders, 47% are bullish and 53% are bearish on USD/NOK.

© Dukascopy Bank SA
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