USD/NOK 1H Chart: Bulls likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuySellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralNeutralBuy
SAR(0.02;0.2)SellBuySell
Aggregate

The USD/NOK currency pair reversed north from the lower boundary of the long-term ascending channel located circa 8.4650 at the end of March.  

As apparent on the chart, the pair is testing the resistance level formed by a combination of the 55– and 100-hour SMAs, as well the weekly and monthly PP located circa 8.6160. From a technical perspective it is likely, that the exchange rate breaches the given resistance and continues to increase, as the rate is being supported by the 8.5692 mark. Potential upside target is the psychological level at 8.8000. 

Otherwise, it is likely that the pair reverses north to re-test the lower channel line.

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