USD/NOK 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/NOK started to from a 137-bar long double top pattern on late August, when the pair breached the major level at 6.30.
Currently, USD/NOK is sitting at the daily PP at 6.4333 that acts as a reliable support. Although, for double top pattern more common is a bearish break-out. However, for the time being the currency pair is hovering around the top of the pattern. Moreover, the daily and weekly technical indicators are bullish, suggesting that we are not likely to see a decline any time soon. Nonetheless, the SWFX traders' expect a bearish break-out, as a distinct majority (73.12%) of them expect the U.S. Dollar to decline relative to the Norwegian peer.
© Dukascopy Bank SA
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