USD/NOK 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The October surge was capped by 8.2541, which led to a double top formation with the neckline at 8.1479. While USD/NOK has dug into levels underneath already, the pair returned above the support to consolidate and has been sticking to it since. We still see potential for a bearish continuation beneath the significant level, shifting risk to 7.1240/1232, which coincides with the previous break-below level. In case the area does not make lower levels accessible, the pair is likely to maintain the demand and supply areas, forming a rectangle. Tests of 8.1790/1809 will warm up the bullish momentum, followed by attempts at 8.1826/1891, where supply pressures could cause exhaustion, toning down the surge when the pair exits the area.
© Dukascopy Bank SA
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