USD/NOK recovers from 8.6000 throughout April

Source: Dukascopy Bank SA


The USD/NOK pair passed below the combined support of an ascending trend line and the 200-day simple moving average during mid-March. In late trading of March, the rate found support in the 8.5660/8.6000 zone. Afterwards, up to April 20, the pair has been recovering. However, recently, the USD found resistance in the 8.9000 mark against the Norwegian Krona.

If the pair reaches above the 8.9000 mark, the 9.000 level might slow down a potential surge to the 9.0670/9.2005 zone, which marks the pair's high levels since July 2021.

On the other hand, a decline of the US Dollar compared to the NOK might look for support in the 8.5660/8.6000 zone, before the pair approaches the 8.5000 mark and the support trend line near 8.4500/8.5000.
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