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USD/NOK Rides Trendline

The Norwegian krone recoups losses as oil prices bounce back. The US dollar has been grinding up a rising trend line after a bullish breakout in early May. Sentiment remains extremely bullish and the pair is on its way to the psychological level of 10.0000. The RSI’s repeatedly overbought situation and a break below the trend line may cause a retracement as buyers would be unwilling to chase after higher bids. The demand zone around 9.6300 is a key level to keep short-term sentiment upbeat.

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