USD/NOK breaks large scale pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the start of August, the USD/NOK traded in a large scale channel down pattern. Most recently, starting from October 20, the rate had been recovering in the borders of the large pattern. It was recently spotted that the recovery was taking place in a smaller scale channel up pattern.

On November 9, the lower trend line of the smaller pattern together with the 50-four hour period simple moving average provided enough support for the pair to surge up to the upper trend line of the larger pattern.

On Wednesday, November 10, the release of the US Consumer Price Index data caused an all out USD surge. On the USD/NOK charts it resulted in a piercing of the long term trend line. Namely, the underlying consumer demand for the US Dollar had increased, which signaled that the long term trend could be over. The end of the descent of the USD against the NOK was confirmed later on, as the pair clearly passed the resistance of the long term pattern in a 650 base point or 0.75% move over the span of one hour.

In the case that the surge continued, it could be slowed down by the upper trend line of the channel up pattern. Afterwards, the rate could face the resistance of previous high level zones near 8.7000, 8.7800 and 8.8300.

However, a potential decline of the pair would most likely find support in the lower trend line of the channel up pattern and the 50 and 200-four hour simple moving averages. Below the SMAs, the late October low level might act as support near the 8.3000 level.
Back to articles

Actual Topics

Thu, 11 Nov 2021 09:25:54 GMT

Silver surges in channel

Since September 2020, the price for silver has never declined below the support zone of 21.50/22.00. Namely, the support zone kept the rate up in September and December of 2020. More recently, in May 2021, the price of the commodity tested and bounced off the resistance of the 28.60/28.80 zone. This resulted in a decline, which reached the 21.50

Wed, 10 Nov 2021 17:02:25 GMT

Natural gas reaches September low level

By the start of Tuesday's US trading hours, the price for Natural Gas had almost plummeted by 7.50%, as it reached the October 21 low level at $5.050. During this year, the price for natural gas surged by almost 165.00%, as demand increased due to various disruptions in the energy sector. However, the price has not booked new

Subscribe to "Fundamental Analysis" feed

Suscribir
Para conocer más sobre la plataforma de Trading de CFD y Forex de Dukascopy Bank, SWFX y otras informaciones relacionadas con el Trading,
llámenos o haga una solicitud de devolución de llamada.
Para obtener más información sobre la posible cooperación, por favor llámenos o haga una solicitud de devolución de llamada.
Para obtener más información sobre las opciones binarias de Dukascopy Bank / La plataforma de operaciones de Forex, SWFX y otra información relacionada con el Trading, por favor llámenos o solicite una devolución de llamada.
Para conocer más sobre la plataforma de Trading de CFD y Forex de Dukascopy Bank, SWFX y otras informaciones relacionadas con el Trading,
llámenos o haga una solicitud de devolución de llamada.
Para obtener más información acerca de la plataforma de operaciones Crypto Trading / CFD / Forex, SWFX y otra información relacionada con el comercio,
llámenos o realice una solicitud de devolución de llamada.
Para obtener más información sobre Business Introducer y otra información relacionada con el comercio,
llámenos o realice una solicitud de devolución de llamada.
Para obtener más información sobre la posible cooperación, por favor llámenos o haga una solicitud de devolución de llamada.