USD/NOK may fall 592 - 872 pips

Our pivot point is at 10.6130.

Our preference

Target 10.4840.

Alternative scenario

The upside breakout of 10.6130, would call for 10.6610 and 10.6900.

Comment

The RSI is below 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 (10.5938) but above its 50 period moving average (10.5699).

Supports and resistances

10.6900 **

10.6610 *

10.6130 **

10.5940

10.5712 last

10.5120

10.4840 **

10.4550 *

10.4260 **

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