Wed, Jun 29, 2022 @ 16:54 GMT
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USD/NOK Awaits Breakout

The Norwegian krone weakens as oil prices struggle amid demand uncertainty.

The pair is in a pennant consolidation on the daily chart following a rally above last December’s high at 8.9000. The narrowing range is a sign of hesitation and a breakout would dictate the direction for the days to come.

8.7800 near the 30-day moving average is the closest support. A close above 8.8600 may challenge the key resistance at 8.9150, and a bullish breakout would confirm the uptrend’s continuation.

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