USD/NOK may rise 707 - 1007 pips

Our pivot point is at 10.8210.

Our preference

The upside prevails as long as 10.8210 is support.

Alternative scenario

Below 10.8210, expect 10.7710 and 10.7420.

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 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 10.8331 and 10.7982).

Supports and resistances

11.0220 **

10.9920 *

10.9630 **

10.9330

10.8623 last

10.8400

10.8210 **

10.7710 *

10.7420 **

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