USD/NOK 1H Chart: Pressured by 55– and 100-hour SMAs
After scoring 2018 high at the 8.50 mark, the USD/NOK exchange rate has been declining since the middle August.
The pair has been following a short-term bearish channel. This lack of direction is caused by the 55– and 100-hour SMAs which are pressuring the rate from north. At the time of this analysis, both moving averages were located at 8.3588 and 8.3809, accordingly.
It is expected that a breakout of these lines would be met with a surge in the respective scenario. Technical indicators on longer time-framers are in favour of the bullish scenario. In this case, a few-day target is the weekly PP at 8.3768. On the other hand, bears are likely to push the rate down to the weekly S2 at 8.2154.
The pair has been following a short-term bearish channel. This lack of direction is caused by the 55– and 100-hour SMAs which are pressuring the rate from north. At the time of this analysis, both moving averages were located at 8.3588 and 8.3809, accordingly.
It is expected that a breakout of these lines would be met with a surge in the respective scenario. Technical indicators on longer time-framers are in favour of the bullish scenario. In this case, a few-day target is the weekly PP at 8.3768. On the other hand, bears are likely to push the rate down to the weekly S2 at 8.2154.
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