USD/NOK remains below resistance zone

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the last review of the USD/NOK currency exchange rate conducted on February 25, the currency pair has remained in the previous trading range. Namely, the pair is still located below the support of the 2021 high level zone at 9.1000/9.2000 and the support of the 50 and 200-day simple moving averages. However, the rate constantly keeps piercing the SMAs.

It was spotted on March 17 that the currency pair's declines below the 200-day SMA have been finding support in an ascending trend line. Combined with the fact that the pair has been failing to properly approach the 9.1000 mark by bouncing off the 9.0700 mark, one can observe an ascending triangle pattern.

If the pair breaks the resistance of the 9.0700 mark, the rate might immediately face the resistance of the 9.1000/9.2000 zone. Higher above, note the resistance line, which connects the 2021 high levels.

On the other hand, a decline below the supporting triangle trend line and the 200-hour simple moving average could look for support in round exchange rate levels at 8.7000, 8.6000 and 8.5000, before approaching the trend line, which connects the 2021 low levels.
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