USD/NOK may rise to 11.4250 - 11.6330

10.6740 is our pivot point.

Our preference

The upside prevails as long as 10.6740 is support.

Alternative scenario

The downside breakout of 10.6740 would call for 10.3260 and 10.1200.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.6710 and 10.7085). Finally, the USD/NOK is trading above its upper Bollinger band (standing at 10.9016).

Supports and resistances

12.0490 **

11.8410 *

11.6330 **

11.4250

11.0085 last

10.8100

10.6740 **

10.3260 *

10.1200 **

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