USD/NOK may fall 634 - 924 pips

Our pivot point stands at 10.7030.

Our preference

Target 10.5710.

Alternative scenario

Above 10.7030, look for 10.7510 and 10.7800.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the price is below its 20 period moving average (10.6707) but above its 50 period moving average (10.6596).

Supports and resistances

10.7800 **

10.7510 *

10.7030 **

10.6840

10.6634 last

10.6000

10.5710 **

10.5430 *

10.5140 **

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