© Dukascopy Bank SA
As the USD/NOK cross succeeded in penetrating both 55 and 100-period simple moving averages last week, the probability of a robust increase in the pair's value has risen considerably. The immediate resistance is represented by the June 12 high and weekly R1 in the 7.90-7.92 area and the pair has already tested this mark on Monday; however, the first attempt was unsuccessful. On the other hand, even stronger supply is placed at 8.01 (monthly R1; weekly R2). Therefore, technical indicators on all time-frames are not convinced in the sufficiency of the US Dollar's bullish momentum. In the meantime, the long open positions (63%) are still prevailing over the short ones (37%).
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