USD/NOK trades around 10.00

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Source: Dukascopy Bank SA


The last review of the USD/NOK pair was done in April, prior to the US Federal Reserve rate hikes. Since then, the pair has broke the large scale channel up pattern and jumped to trade near the 10.00 mark. In July the pair hit a high level at 10.30/10.37, before retracing and finding support in early August at 9.45/9.49.

On August 31, the pair broke the resistance of the 50-day simple moving average near 9.86 and appeared to be aiming to once again test the July high level zone.

A move above the 10.37 level could encounter resistance in the post-coronavirus March volatility high at 10.80. Higher above, it is unclear, which levels might act as resistance.

On the other hand, a decline of the pair below the 50-day SMA is bound to once again look for support in the August low levels at 9.45/9.49. Further below, note the May and June lows at 9.35/9.37 and the approaching 200-day simple moving average.
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