USD/NOK surges due to SMA

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Source: Dukascopy Bank SA


On January 13, the USD/NOK pair found support in the 200-day simple moving average, which caused a surge of the pair. Most recently, the surge was strengthened by the US Federal Reserve announcing US monetary policy tightening.

In the case that the surge continues, to pair might aim at the 2021 high level zone of 9.1000/9.2000. A passing of the zone could encounter resistance in the upper trend line of the channel up pattern, which has guided the rate since December of 2020. Namely, the pattern captures the year of 2021.

Meanwhile, a potential decline would look for support in the 50-day simple moving average near 8.9290, before the rate reaches the 200-day SMA near 8.7000.
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