USD/NOK may fall 601 - 891 pips

10.7170 is our pivot point.

Our preference

The downside prevails as long as 10.7170 is resistance.

Alternative scenario

Above 10.7170, look for 10.7660 and 10.7950.

Comment

The RSI is below its neutrality area at 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 10.6885 and 10.6957). Finally, the USD/NOK is trading below its lower Bollinger band (standing at 10.6718).

Supports and resistances

10.7950 **

10.7660 *

10.7170 **

10.6980

10.6651 last

10.6050

10.5760 **

10.5480 *

10.5190 **

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