USD/NOK breaks above 2022 high

Source: Dukascopy Bank SA


The USD/NOK currency exchange rate has reached above the July high level zone of 10.30/10.37. The surge occurred in the aftermath of both the US and Norwegian central banks hiking rates. In general, the markets see the US Federal Reserve as more hawkish and expects the USD to gain more value than the Norwegian Krona.

A surge higher might encounter resistance in round price levels at 10.60 and 10.80, before the 11.00 mark is reached. These levels acted as resistance in 2020.

However, a decline of the USD against the Norwegian currency could find support in the 10.30/10.37 zone, the 10.20 level, the 10.00 mark and the 50-day simple moving average. Above all, note that the 50-day SMA has been impacting the rate throughout this summer.
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