Patterns: EUR/NOK, USD/NOK, GBP/CAD, GBP/AUD

EUR/NOK 4H Chart: Bulls could prevail in market

Since the beginning of October, the EUR/NOK exchange rate has been trading within a falling wedge pattern.

From a theoretical perspective, it is likely that a breakout north from the given pattern could occur within the following trading sessions. In this case the currency pair could target the 11.20 level.

Meanwhile, note that the exchange rate is pressured by the 100– and 200-period moving averages in the 10.85 area. Thus, some downside potential could prevail in the market, and the pair could face the support level—the Fibo 61.80% at 10.40.

USD/NOK 4H Chart: Two scenarios likely

Since the middle of September, the USD/NOK currency pair has been trading sideways in the 8.9800/9.6000 range.

From a theoretical point of view, it is likely that the exchange rate could continue to consolidate in the predetermined range in the medium term.

In the meantime, note that the currency pair is pressured by the 100– and 200-period moving averages in the 9.2000 area. Thus, some downside potential could prevail in the market.

GBP/CAD 4H Chart: Buying signals

The Pound Sterling has soared by 2.68% against the Canadian Dollar since November 11. The currency pair breached the upper boundary of an ascending channel pattern on November 23.

Technical indicators suggest buying signals on the 4H, daily and weekly time-frame charts. Most likely, bulls could continue to pressure the exchange rate higher during the following trading sessions.

However, a resistance level at 1.7500 might provide a technical barrier for bullish traders within this week's trading sessions.

GBP/AUD 4H Chart: Could edge higher

The British pound has surged by 284 pips or 1.58% against the Australian Dollar since last week's trading sessions. The currency pair breached the 50-, 100– and 200– period SMAs last week.

All things being equal, the exchange rate is likely to continue to edge higher during the following trading sessions. The potential target for bulls would be near the 1.8500 level.

However, given that the currency exchange rate is currently trading near the lower boundary of an ascending channel pattern, a breakout could occur within this week's trading sessions.