USD/NOK may fall 597 - 887 pips

10.7430 is our pivot point.

Our preference

The downside prevails as long as 10.7430 is resistance.

Alternative scenario

The upside breakout of 10.7430, would call for 10.7920 and 10.8210.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.7304 and 10.7482).

Supports and resistances

10.8210 **

10.7920 *

10.7430 **

10.7240

10.6987 last

10.6390

10.6100 **

10.5810 *

10.5520 **

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