USD/NOK 1H Chart: Triangle

8. Aug. 2017

The US Dollar was depreciating against the Norwegian Krone for several weeks when this momentum downwards allayed, thus resulting in the formation of a descending triangle. The lowest point of the fall, t.i., the 7.7571 mark, is likewise the 2016/2017 low. The pair was also trading in a symmetrical triangle which was breached to the upside last week. The Greenback has not yet made a retracement from this junior triangle; thus, there is still some downside potential that could be realised in the nearest hours. Taking into account the slight up-trend (which was formed by the lower boundary of the junior triangle), the rate might halt at this line near the 7.8800 mark and reverse to the upside.