USD/NOK may fall 713 - 1003 pips

Our pivot point stands at 10.5920.

Our preference

The downside prevails as long as 10.5920 is resistance.

Alternative scenario

The upside breakout of 10.5920, would call for 10.6400 and 10.6690.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 10.5662 and 10.5640). Finally, the USD/NOK is trading below its lower Bollinger band (standing at 10.5495).

Supports and resistances

10.6690 **

10.6400 *

10.5920 **

10.5730

10.5453 last

10.4740

10.4450 **

10.4170 *

10.3880 **

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