Forex

USD/NOK may rise 610 - 900 pips

2024-06-07

Our pivot point stands at 10.5220.

Our preference

Our next up target stands at 10.6590.

Alternative scenario

The downside breakout of 10.5220 would call for 10.4740 and 10.4450.

Comment

The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to trigger further gains. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 10.5519 and 10.5595). Finally, the USD/NOK has crossed above its upper Bollinger band (10.5656).

Supports and resistances

10.7170 **

10.6880 *

10.6590 **

10.6300

10.5690 last

10.5410

10.5220 **

10.4740 *

10.4450 **

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

This is not investment advice. Past performance does not represent future performance. Your funds are at risk, please trade with caution and responsibility.


Author:

Paul Reid
Tradingtop

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