USD/NOK may rise 597 - 887 pips

10.6280 is our pivot point.

Our preference

The upside prevails as long as 10.6280 is support.

Alternative scenario

The downside breakout of 10.6280 would call for 10.5790 and 10.5500.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 10.6520 and 10.6364). Finally, the USD/NOK is trading above its upper Bollinger band (standing at 10.6795).

Supports and resistances

10.8260 **

10.7970 *

10.7690 **

10.7400

10.6803 last

10.6470

10.6280 **

10.5790 *

10.5500 **

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