© Dukascopy Bank SA
USD/NOK is likely to extend its losing streak in the hours to come, taking into account the SWFX sentiment- more than 76% of all orders are placed to sell the pair. If this comes true, the pair may plunge below 5.9334/11 (four-hour PP, S1; daily S1) and then it is likely to test 5.9286/59 (daily S2; four-hour S2, S3). A dive below the latter support zone will push to the fore the level of 5.9231/03 (dailyS3; 50-bar SMA) that is the last defence against a slide to the lower limit of the formation.
© Dukascopy Bank SA