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Supports: 6.0709; 6.0553; 6.0339
Pairs' Outlook
After short-term downward trend, that started on July 13th, USD/NOK currency pair experienced a small bullish correction and is currently heading towards a resistance level at 6.1293 (Monthly PP). In case it fails to bring some bearish impetus, then next resistance at 6.1556 (Upper Bollinger Band) might be the reversal point for the current upward movement. At the same time, RSI indicator remains neutral, not showing any important signals to the traders. On the other hand, nearest support levels are at 6.0709, 6.0553 and 6.0339, and seem to be safe for now.
Traders sentiment
Traders sentiment at SWFX market show strong beliefs that short term bearish trend, which started on July 13th will continue its progress, since 72% of all traders hold short positions and only 28% of traders hold long positions. Situation with orders is very similar, because almost 69% of traders ordered to sell USD/NOK currency pair, expecting that Norwegian Krone will even further appreciate against the U.S. Dollar.