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U.S. DOLLAR / NORWEGIAN KRONE

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USDNOK trade ideas

USDNOK - Under pressureUSDNOK (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
Short
by INFINOX_Capital