| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Buy | Buy | Buy |
| RSI(14) | Neutral | Neutral | Neutral |
| Stochastic(5;3;3) | Sell | Neutral | Neutral |
| Alligator(13;8;5) | Buy | Neutral | Buy |
| SAR(0.02;0.2) | Buy | Sell | Buy |
| Aggregate | ⇗ | ⇒ | ⇗ |
The USD/NOK exchange rate has been trading upwards within the rising wedge pattern since May. As apparent on the chart, the rate has already reversed north from the lower pattern line at 8.9075.
From a theoretical point of view, it is likely, that some upside potential could prevail in the market, as the currency pair could target the upper pattern line located in the 9.2000/9.2500 range. Important level to look out for is the Fibonacci 0.00% retracement at 9.1500.
If the given level holds, it is likely that a reversal south could follow, and the rate could re-test the lower wedge boundary. It is unlikely that bears could prevail in the market, and the pair could decline lower than the Fibonacci 23.60% retracement at 8.7929.