USD/NOK may rise 601 - 881 pips

Our pivot point stands at 10.5370.

Our preference

Look for a drop towards 10.5370 before a bounce.

Alternative scenario

Below 10.5370, expect 10.4890 and 10.4600.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 10.5804 and 10.5745).

Supports and resistances

10.7340 **

10.7050 *

10.6760 **

10.6480

10.5879 last

10.5560

10.5370 **

10.4890 *

10.4600 **

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