USD/NOK may rise 658 - 958 pips

Our pivot point stands at 11.0040.

Our preference

The upside prevails as long as 11.0040 is support.

Alternative scenario

The downside breakout of 11.0040 would call for 10.9540 and 10.9240.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 11.0455 and 11.0332).

Supports and resistances

11.2160 **

11.1860 *

11.1560 **

11.1260

11.0602 last

11.0240

11.0040 **

10.9540 *

10.9240 **

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