USDNOK (1H) - short term bearish bias
Following its failure to rally above the major resistance of 9.2100, the US dollar went into a sell-off. The overshot RSI was a clear sign of an ever-extension. As buyers struggled to defend the support area of 9.1200 sentiment has turned downbeat as longs bailed out of their positions. The bearish MA cross is a confirmation that the exchange rate is likely to stay under water for a few days. We expect the price to test the previous low of 9.0600.
Key support: 9.0600
Key resistance: 9.1600
Following its failure to rally above the major resistance of 9.2100, the US dollar went into a sell-off. The overshot RSI was a clear sign of an ever-extension. As buyers struggled to defend the support area of 9.1200 sentiment has turned downbeat as longs bailed out of their positions. The bearish MA cross is a confirmation that the exchange rate is likely to stay under water for a few days. We expect the price to test the previous low of 9.0600.
Key support: 9.0600
Key resistance: 9.1600
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.