Wed, Jun 29, 2022 @ 15:26 GMT
HomeContributorsTechnical AnalysisUSD/NOK Breaks Resistance

USD/NOK Breaks Resistance

The Norwegian krone weakens as oil prices make a retreat.

The pair saw strong buying interest in the daily demand area near 8.5600. A breakout above 8.6500 has prompted sellers to cover their positions. A bullish MA cross indicates an acceleration in the rally.

8.8700 is a key resistance ahead and its breach may confirm a reversal above the psychological level of 9.0000. An overbought RSI may cause a limited pullback. 8.6500 is the immediate support. Further down, 8.5860 is critical in keeping the rebound valid.

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