USD/NOK may rise 655 - 945 pips

Our pivot point stands at 10.5520.

Our preference

The upside prevails as long as 10.5520 is support.

Alternative scenario

The downside breakout of 10.5520 would call for 10.5040 and 10.4750.

Comment

The RSI is above its neutrality area at 50. 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 10.5906 and 10.5821).

Supports and resistances

10.7450 **

10.7160 *

10.6880 **

10.6590

10.5935 last

10.5710

10.5520 **

10.5040 *

10.4750 **

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