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USD/NOK Tests Lower Band Of The Consolidation Range

Surging oil prices have put the commodity-sensitive Norwegian krone on the launchpad against a soft US dollar.

Successive breakouts below 0.8470 then 0.8390 were a strong sign that the bias remains bearish.

The US dollar may carry on its downtrend following a three-month-long consolidation between 8.3200 and 8.7200. There is a chance of a temporary rebound as the RSI rises back from the oversold area.

8.3200 would be the next target while 8.4500 is the immediate resistance in case of a retracement.

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