USD/NOK 4H Chart: Ascending Triangle

Judging by USD/NOK's behaviour in May and June, the currency pair is moving towards the upper edge of an ascending triangle it has been forming for the past two months. Accordingly, the near-term perspectives are bearish, as the U.S. Dollar is facing resistance represented by Jun 13 high. If this is the case, the rate should then target the rising trend-line at 5.95, where it merges with the weekly S1 and long-term moving average. But in case the supply at 6.02 is not enough to satisfy the appetite of the market, the weekly R1 and R2 levels at 6.03 and 6.0630 respectively will become the new targets. Concerning the positions—65% are long and 35% are short.