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Supports: 6.0563; 6.0357; 6.0135
Outlook
Yesterday's bullish reaction did not last for long, and now USD/NOK returned to downwards trend, that was started 2 weeks ago. Although RSI indicator still remains neutral, further bearish movement could be expected, since a gap, which occurred between July 20th and July 22th might be closed in the near future, therefore short-term goal for the USD/NOK currency pair might be 6.0720. As for now, USD/NOK might face a support level at 6.0563 (Weekly PP), but if it fails to reverse downtrend movement, then next support at 6.0357 (55-day SMA) might bring some bullish impetus. Current resistance levels are at 6.1053, 6.1286 and 6.1460, while there are no signs for them to be broken.
Traders sentiment
Majority of the traders strongly support current bearish downtrend, as 72% of all traders at SWFX market are short-selling USD/NOK currency pair and only 28% of traders hold long positions. Distribution of orders is rather similar, since 65% of traders ordered to sell and only 35% of traders ordered to buy the U.S. Dollar against Norwegian Krone.