Comment: Since Aug 26 the USD/NOK cross has been trading in a tight range between 8.40 and 8.25, which are forming the rectangle pattern on a one-hour chart. At the moment the Greenback seems to be recovering, after receiving a confident impetus from the lower trend-line, which is currently reinforced by the weekly pivot point and 200-hour SMA. The outlook for the next 24 hours is likely to remain positive, as technical indicators are pointing to the upside, while the 55-hour SMA is going to cross the 100-hour SMA soon, thus signalling of the pair’s bullish trend. In the meantime, market sentiment is undecided at the moment, with bulls and bears holding 49% and 51% of all open positions, respectively.
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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