USD/NOK 1H Chart: Short-term channel in sight
The US Dollar has been appreciating against the Norwegian Krone since the pair reversed from the lower boundary of a long-term ascending channel located circa 8.1000. This movement is bounded by an ascending channel.
Currently, the pair is trading near the Fibonacci 50.00% retracement at the 8.1825 mark. The exchange rate is supported by the 55-, 100– and 200-hour SMAs. Also, technical indicators flash bullish signals for the 1W time frame. Given these two facts, it is expected that the pair will continue to go upwards to the weekly R2 at 8.2500.
However, this advance might not be immediate and the pair could re-test the lower boundary of the short-term channel.
Currently, the pair is trading near the Fibonacci 50.00% retracement at the 8.1825 mark. The exchange rate is supported by the 55-, 100– and 200-hour SMAs. Also, technical indicators flash bullish signals for the 1W time frame. Given these two facts, it is expected that the pair will continue to go upwards to the weekly R2 at 8.2500.
However, this advance might not be immediate and the pair could re-test the lower boundary of the short-term channel.