Wed, Jun 29, 2022 @ 16:53 GMT
HomeContributorsTechnical AnalysisUSD/NOK 4H Chart: Falling Wedge Pattern In Sight

USD/NOK 4H Chart: Falling Wedge Pattern In Sight

Since the end of December, the USD/NOK exchange rate has been trading within a falling wedge pattern.

From a theoretical perspective, it is likely that the currency pair could continue to follow the predetermined pattern in the medium term. In this case the pair could decline below 8.5000 by the end of April.

In the meantime, note that the exchange rate is pressured by the 55-, 100– and 200-period moving averages in the 8.5000 area. Thus, a breakout south could occur, and the rate could 8.2000/8.3000.

Dukascopy Swiss FX Group
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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