USD/NOK has formed a Channel Down pattern on the 4H chart. The pattern has 68% quality and 74% magnitude in the 117-bar period. The pattern began on 29th of January when the pair dipped to 5.4994; currently it is trading at 5.4874. Trading volume seems to be decreasing in the length of the pattern. The Stochastic indicator on 4H horizon sends a buy signal suggesting we might see a bullish correction soon. Current market sentiment is strongly bullish as 72% of traders are long on the pair and
