USD/NOK may rise 634 - 924 pips

10.6120 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 10.6120 would call for 10.5640 and 10.5350.

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 stands above its 20 period moving average (10.6501) but below its 50 period moving average (10.6684).

Supports and resistances

10.8060 **

10.7770 *

10.7480 **

10.7190

10.6556 last

10.6320

10.6120 **

10.5640 *

10.5350 **

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