The USD/NOK pair recently reacquired its bullish momentum after retesting the broadening rising wedge's lower boundary during the weekend. Since then the Buck has been outperforming the Norwegian Krone, paving its way towards the pattern's upper border, which is expected to be reached if not by the end of the week, then in the beginning of the next. There are no major obstacles on the pair's path and technical indicators are in favour of the positive scenario. Furthermore, the pair is oversold, as 70% of all open positions remain short, suggesting more USD-buying could soon arise and help the currency reach its goal.
| Level | Rationale | Indicator | 30M | 1H | 4H | |||
| R4 | 8.7688 | Trend-line | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 8.7481 | Daily R2 | RSI (14) | Neutral | Neutral | Neutral | ||
| R2 | 8.7197 | Daily R1 | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 8.7012 | Bollinger band | ADX (14) | Neutral | Neutral | Neutral | ||
| S1 | 8.6912/8.6861 | Weekly R1; 20-hour SMA | CCI (14) | Sell | Neutral | Sell | ||
| S2 | 8.6737/09 | Daily PP; Bollinger band | AROON (14) | Buy | Buy | Buy | ||
| S3 | 8.6565/46 | 55 and 100-hour SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 8.6454 | Daily S1 | SAR (0.02; 0.2) | Buy | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |