USD/NOK may fall to 10.2720 - 10.4370

Our pivot point stands at 11.0360.

Our preference

Target 10.2720.

Alternative scenario

Above 11.0360, look for 11.3150 and 11.4810.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (10.9057) but above its 50 period moving average (10.7405).

Supports and resistances

11.4810 **

11.3150 *

11.0360 **

10.9270

10.7956 last

10.4370

10.2720 **

10.1070 *

9.9420 **

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