USD/NOK 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
During last couple of hours, the USD/NOK currency pair has gained substantial value, as it managed to approach the upper boundary of the rising wedge pattern. At the same time, it happened after the pair was moving sideways for last 24 hours. 
Technical indicators send neutral signals on a short-term time-frame, meaning that the Greenback is supposed to make a pause on the upper trend-line at 6.6837. However, in the medium-term the pair may breach this level and surge up to daily R2 resistance line at 6.7252. Still, market participants suggest the pair is going to bounce back from the pattern's resistance, as more than 70% of all positions are short.

© Dukascopy Bank SA
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