Wed, Jun 29, 2022 @ 15:09 GMT
HomeContributorsTechnical AnalysisUSD/NOK Tests Supply Area

USD/NOK Tests Supply Area

The Norwegian krone held onto its gains thanks to a recovery in oil prices.

The drop below the daily support at 8.7200 suggests that sentiment has turned sour in the short term. The US dollar’s failure to rally back above the supply zone at 8.7300 adds more pressure to the long side.

An oversold RSI has led to a limited rebound. If buyers can clear said resistance, they may gain confidence to claim back 8.8400.

Otherwise, a new round of sell-off would push the price to another support (8.5200) on the daily chart.

Orbexhttp://www.orbex.com/en/agent/cl/ccc678cb86b9
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