USD/NOK may rise 604 - 904 pips

Our pivot point stands at 10.8900.

Our preference

Rebound.

Alternative scenario

The downside breakout of 10.8900 would call for 10.8400 and 10.8100.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (10.9268) but below its 50 period moving average (10.9496).

Supports and resistances

11.0900 **

11.0600 *

11.0300 **

11.0000

10.9396 last

10.9090

10.8900 **

10.8400 *

10.8100 **

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