USD/NOK may rise 598 - 888 pips

Our pivot point stands at 10.5220.

Our preference

The upside prevails as long as 10.5220 is support.

Alternative scenario

The downside breakout of 10.5220 would call for 10.4740 and 10.4450.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.5581 and 10.5571).

Supports and resistances

10.7180 **

10.6900 *

10.6610 **

10.6320

10.5722 last

10.5410

10.5220 **

10.4740 *

10.4450 **

Number of asterisks represents the strength of support and resistance levels.