USD/NOK may rise 586 - 876 pips

Our pivot point is at 10.6160.

Our preference

The upside prevails as long as 10.6160 is support.

Alternative scenario

Below 10.6160, expect 10.5670 and 10.5380.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 10.6156 and 10.6126). Finally, the USD/NOK is trading above its upper Bollinger band (standing at 10.6610).

Supports and resistances

10.8230 **

10.7940 *

10.7650 **

10.7360

10.6774 last

10.6350

10.6160 **

10.5670 *

10.5380 **

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