USD/NOK may fall 691 - 981 pips

10.5820 is our pivot point.

Our preference

The downside prevails as long as 10.5820 is resistance.

Alternative scenario

The upside breakout of 10.5820, would call for 10.6310 and 10.6590.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.5504 and 10.5584).

Supports and resistances

10.6590 **

10.6310 *

10.5820 **

10.5640

10.5401 last

10.4710

10.4420 **

10.4140 *

10.3850 **

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