USD/NOK may rise 601 - 891 pips

10.6740 is our pivot point.

Our preference

Look for a drop towards 10.6740 before a bounce.

Alternative scenario

The downside breakout of 10.6740 would call for 10.6250 and 10.5960.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is above its 20 and 50 period moving average (respectively at 10.7308 and 10.7208).

Supports and resistances

10.8780 **

10.8490 *

10.8200 **

10.7910

10.7309 last

10.6930

10.6740 **

10.6250 *

10.5960 **

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