| Indicator | 4H | 1D | 1W |
|---|---|---|---|
| MACD(12;26;9) | Sell | Sell | Buy |
| RSI(14) | Buy | Buy | Neutral |
| Stochastic(5;3;3) | Neutral | Buy | Neutral |
| Alligator(13;8;5) | Sell | Sell | Buy |
| SAR(0.02;0.2) | Buy | Sell | Sell |
| Aggregate | ⇒ | ⇒ | ⇒ |
The US Dollar has been depreciating against the Norwegian Krone since the beginning of last week after the USD/NOK exchange rate failed to surpass the resistance level formed by the monthly PP at 9.1780.
Note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, currently located in the 9.0491/9.1238 area. Thus, it is likely that bears could continue to prevail in the market in the short run.
The exchange rate is likely to target the support level formed by the Fibonacci 23.60% retracement at 8.8849. If the given level holds, the rate could reverse upwards in the medium term. Otherwise, some downside potential could continue to prevail in the market, and the rate could target the Fibonacci 38.205 retracement at 8.6461.