Despite the recent prognoses that the currency pair will rebound from the lower trend line of a dominant ascending channel, which is supported by the 50.00% Fibonacci retracement level of the 2016 high and low levels, the surge did not occur and the pair continues a downward movement within the short term descending channel. At the present moment, the USD/NOK is trying to pass through another support level provided by the 61.80% Fibonacci retracement level at 8.3482. Apparently, it will succeed, as the narrowing fluctuations of the rate indicate on formation of the descending triangle. Nevertheless, there is still a possibility that the pair will break through the lower low highs and meet a resistance near the monthly S2 at 8.3866.
| Level | Rationale | Indicator | 1H | 4H | 1D | |||
| R4 | 8.4081 | 100-period SMA | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 8.3866 | Monthly S2 | RSI (14) | Sell | Sell | Sell | ||
| R2 | 8.3783/96 | Trend line; 55-period SMA | Stochastic (5; 3; 3) | Neutral | Neutral | Buy | ||
| R1 | 8.3574 | Upper Bollinger Band | ADX (14) | Sell | Sell | Neutral | ||
| S1 | 8.3334 | Bottom Bollinger Band | CCI (14) | Neutral | Neutral | Neutral | ||
| S2 | 8.3133 | Trend line | AROON (14) | Sell | Neutral | Buy | ||
| S3 | 8.2904 | Weekly S1 | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 8.2833 | Monthly S3 | SAR (0.02; 0.2) | Sell | Sell | Sell | ||
| Aggregate | ↘ | ↘ | → |