USD/NOK may rise 827 - 1117 pips

Our pivot point stands at 10.5200.

Our preference

The upside prevails as long as 10.5200 is support.

Alternative scenario

The downside breakout of 10.5200 would call for 10.4720 and 10.4430.

Comment

The RSI is above 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 10.5401 and 10.5384).

Supports and resistances

10.7290 **

10.7000 *

10.6720 **

10.6430

10.5603 last

10.5390

10.5200 **

10.4720 *

10.4430 **

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