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Supports: 6.0369; 6.0155; 6.0098
Outlook
Today USD/NOK continued its movement downwards, which was started yesterday, and the currency pair has already managed to close the gap at 6.0720. Now it is heading towards a new low in the bearish channel, which was started 2 weeks ago. Current support level is 55 say SMA at 6.0369, but in case it fails to prevent bearish trend from advancing further, then following level at 6.0155 (Weekly S1) might lead to short-covering. Despite prevailing bearish trend, RSI indicator still shows neutral signal, although it has made a slight movement towards over-sold zone. Current resistance levels are at 6.0818, 6.1076 and 6.1280 and seem to be safe for now.
Traders sentiment
The number of traders holding short positions at SWFX market has declined by a little bit, however, still 69% of all traders expect the U.S. Dollar to depreciate against the Norwegian Krone and 31% of traders hold long positions respectively. Situation with orders remains rather similar, since 62% of traders ordered to sell USD/NOK currency pair and only 38% ordered to buy it.