Patterns: EUR/NOK, USD/NOK
|EUR/NOK 1H Chart: Ascending channel in sight
The EUR/NOK currency pair has been trading within an ascending channel since the beginning of July.
From a theoretical point of view, it is likely that the exchange rate could continue to trade within the given channel in the nearest future. Note that the rate could face the resistance level formed by the Fibo 50.00% at 10.90.
Also, note that the currency pair would have to surpass the resistance level formed by the monthly PP at 10.76. If the given level holds, it is likely that a reversal south could occur, and the pair could target the Fibo 61.80% at 10.40.
USD/NOK 1H Chart: Falling wedge pattern in sight
The USD/NOK exchange rate has been trading within a falling wedge pattern since the middle of June.
From a theoretical perspective, it is likely that a breakout north could occur in the nearest future. In this case the currency pair could target the psychological level at 9.8000.
Meanwhile, note that the exchange rate is pressured by the 200-hour moving average near 9.4650. Thus, some downside potential could continue to prevail in the market.
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