USDNOK bounced from support, potential for a further rise!
USDNOK bounced off 8.75474 where it could potentially rise further to 8.87299.
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USDNOK
USDNOK - Bearish moodUSDNOK (1H) - short term bearish bias
After a 3-day-long consolidation, the US dollar has resumed its downtrend along the bearish trend line. The break below the short-lived support level of 8.9500 has added renewed pressure on the greenback. The pair is likely to continue its way down to the September lows at around 8.9200. This would be a major daily level to keep the price afloat and we would expect a combination of profit-taking along with fresh buying. A dip below however could trigger an extended sell-off.
Key support: 8.9200
Key resistance: 8.9700
USDNOK approaching support, potential for a bounce!
USDNOK is expected to drop to 1st support at 8.98800 where it could potentially react off and up to 1st resistance at 9.20120.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDNOK - Under pressureUSDNOK (1H) - short term bearish bias
The US dollar had been going sideways between 9.0700 and 9.2200 during the November consolidation. As the pair made a U-turn at the daily resistance, we can expect further weakness as a result of profit-taking from range-bound traders. The break of the key support level at 9.1600 put the greenback under increasing pressure as fresh sellers start to join the battering. The area between the 20 and 30-hour averages could see heightened volume before the next bearish movement.
Key support: 9.1280
Key resistance: 9.1770
USDNOK approaching resistance, look out for potential reversal!
USDNOK is approaching its resistance at 9.18280 where it is could reverse down to its support at 9.12780.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDNOK 4HUSDNOK 4H
**Disclaimer**
the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
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USDNOK reversed from resistance, potential drop!
USDNOK reversed off its resistance at 9.17150 where it could potentially drop further to 9.11730.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
USDCAD broke a key support level, triggering the drop down to next major support!
USDCAD could potentially drop further to 1.31520.