USD/NOK finds support in moving average

Source: Dukascopy Bank SA


At the start of February the USD/NOK exchange rate shortly reached below the 200-day simple moving average. However, the 8.7000 mark provided enough support of the rate to surge back up. Afterwards, initially the 200-day SMA acted as support, before the rate passed above the 50-day SMA, which also pushed the rate up.

On February 24, the pair made an attempt at approaching the resistance zone of 9.1000/9.2000. However, the attempt failed and the rate retreated to the support of the 50-day SMA near 8.8650.

If the US Dollar passes below the 50-day simple moving average against the Norwegian Krona, the currency pair might look for support in the combination of the 200-day simple moving average and the 8.8000 mark. Further below, note the 8.7000 and 8.6500 levels, which have acted as support in January and February.

Meanwhile, a potential surge of the rate would have to pass above the 9.1000/9.2000 zone, before approaching the upper trend line of the channel up pattern, which has guided the rate since December 2020. The upper trend line might be met near the 9.3000.
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