Wed, Jun 29, 2022 @ 15:41 GMT
HomeContributorsTechnical AnalysisUSD/NOK Retreats To Critical Support

USD/NOK Retreats To Critical Support

The commodity-linked Norwegian krone strengthened as oil prices recovered.

The greenback had met stiff selling pressure at the double top (9.1000). The subsequent break below 8.8800 suggests that hands are weak on the long side.

Profit-taking and fresh selling have sent the price to 8.7800, which is critical support from the daily timeframe. Its breach could signal a bearish reversal.

An oversold RSI may attract some buying interest, but the bulls will need to lift offers around 8.9200 before they could push for a rebound.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading