USD/NOK may rise 698 - 998 pips

Our pivot point stands at 11.0110.

Our preference

The upside prevails as long as 11.0110 is support.

Alternative scenario

The downside breakout of 11.0110 would call for 10.9610 and 10.9310.

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 11.0286 and 11.0225). Finally, the USD/NOK has crossed above its upper Bollinger band (11.0549).

Supports and resistances

11.2290 **

11.1990 *

11.1690 **

11.1390

11.0692 last

11.0310

11.0110 **

10.9610 *

10.9310 **

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