USDNOK - 240 - Not much reaction to Norges bank
USDNOK barely moved on this morning's data release.
USDNOK is having a good run lately and keeps pushing higher. The pair is still above its short-term upside support taken from the low of the 16th of October.
After breaking the key resistance at 8.310, USDNOK continues to move higher. But, as we can see, the momentum has slowed slightly, so in a way we could see some retracement back down. Of course, we will keep a close eye on the 8.310 level, as now it could playout as a good area of support, from which the pair could bounce back up. If that support doesn't hold, not all is lost for the bulls, as they still could have the aforementioned upside support line, where they could enter again.
For the downside, we would need to see a break below the short-term upside support line and also the 8.270 zone, marked by the low of the 24th of October.
Only then we could get comfortable with aiming for lower levels.
Please see the chart for details.
USDNOK is having a good run lately and keeps pushing higher. The pair is still above its short-term upside support taken from the low of the 16th of October.
After breaking the key resistance at 8.310, USDNOK continues to move higher. But, as we can see, the momentum has slowed slightly, so in a way we could see some retracement back down. Of course, we will keep a close eye on the 8.310 level, as now it could playout as a good area of support, from which the pair could bounce back up. If that support doesn't hold, not all is lost for the bulls, as they still could have the aforementioned upside support line, where they could enter again.
For the downside, we would need to see a break below the short-term upside support line and also the 8.270 zone, marked by the low of the 24th of October.
Only then we could get comfortable with aiming for lower levels.
Please see the chart for details.