USD/NOK may fall 580 - 870 pips

10.7020 is our pivot point.

Our preference

The downside prevails as long as 10.7020 is resistance.

Alternative scenario

Above 10.7020, look for 10.7510 and 10.7800.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.7025 and 10.6971). Finally, the USD/NOK is trading below its lower Bollinger band (standing at 10.6640).

Supports and resistances

10.7800 **

10.7510 *

10.7020 **

10.6830

10.6620 last

10.6040

10.5750 **

10.5460 *

10.5170 **

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