USD/NOK may rise 613 - 913 pips

Our pivot point stands at 10.9190.

Our preference

The upside prevails as long as 10.9190 is support.

Alternative scenario

The downside breakout of 10.9190 would call for 10.8690 and 10.8400.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.9292 and 10.9225). Finally, the USD/NOK has crossed above its upper Bollinger band (10.9614).

Supports and resistances

11.1140 **

11.0850 *

11.0550 **

11.0250

10.9637 last

10.9390

10.9190 **

10.8690 *

10.8400 **

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