Dukascopy
Short

USD/NOK 1H Chart: Bearish correction expected

FX:USDNOK   U.S. Dollar/Norwegian Krone
The US Dollar             has appreciated substantially against the Norwegian Krone this week. The pair shot up 2.82% in just one session, thus moving away from the 2016/2018 low of 7.64 and confirming one more time a downward-sloping trend-line circa 7.8820.

The pair has since edged slightly lower in order to ease from the aforementioned daily surge. It is likely that the current bearish sentiment continues to prevail in the market during the following week.

A breakout of the 23.60% Fibonacci retracement , the weekly R1 and the 55-hour SMA near 7.8270 could be an early indication of this bearish scenario. The following support of significance is formed by the 100– and 200-hour SMAs near 7.60. In general, the Greenback could target the bottom trend-line and the monthly R1 in the 7.66 territory next week.

On the other hand, in case the strong resistance of the weekly R2, the monthly PP             and the trend-line is breached near 7.860, the rate should push towards 8.00.
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