As mentioned last week, we did not have any clear direction and the pair reflects high volatility for time being. However, we have due to French election touched the upper trendline since the highs in 2016 and now reacted down.
From a weekly timeframe, a weekly close below 8,60-8,58 would suggest some kind of retracement, where support is found at 8,40 and lows...
Since the lows in february this year, the trend has been upwards with higher highs and higher lows. But recent top above 8,65 came with a negativ divergence and now we might face a possible trend-change. However, the level around 8,52-8,50 should be key for the next big move in USDNOK. Failure to hold this level, we will confirm a new counter trend with lower...
