USD/NOK may rise 766 - 1066 pips

Our pivot point is at 10.9650.

Our preference

Our next up target stands at 11.1250.

Alternative scenario

Below 10.9650, expect 10.9150 and 10.8850.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.9905 and 11.0122). Finally, the USD/NOK has crossed above its upper Bollinger band (11.0118).

Supports and resistances

11.1850 **

11.1550 *

11.1250 **

11.0950

11.0184 last

10.9850

10.9650 **

10.9150 *

10.8850 **

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