USD/NOK 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a massive sell-off that was observed between the first days of February and the middle of March USD/NOK encountered a tough support area near 5.90 that still remains intact. Accordingly, there is a significant probability of a double bottom emerging on the four-hour chart. Still, this would require the U.S. Dollar to breach the immediate obstacle at 6.00 and rise up to the key resistance at 6.0880. Then, if this level is breached, the rally will be able to extend up to 6.3150, the Feb 4 highs. And while the sentiment towards USD/NOK is fairly bullish— 68% of positions are long, the technical indicators are mostly pointing downwards, especially on the longer-term time-frames.
© Dukascopy Bank SA
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