USD/NOK may fall 672 - 972 pips

Our pivot point stands at 10.9580.

Our preference

Target 10.8210.

Alternative scenario

Above 10.9580, look for 11.0070 and 11.0370.

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 price is below its 20 period moving average (10.9267) but above its 50 period moving average (10.9137).

Supports and resistances

11.0370 **

11.0070 *

10.9580 **

10.9380

10.9182 last

10.8510

10.8210 **

10.7920 *

10.7620 **

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