FxNews—The USDNOK currency pair (U.S. Dollar vs. Norwegian Krone) trades at 10.55, the 23.6% Fibonacci support level. The Norwegian Krone has gained value since hitting the 10.72 resistance on Monday.
USDNOK Technical Analysis and Forecast
The technical indicators show mixed signals in the daily chart. The awesome oscillator is bullish, while the relative strength index is declining toward the median line.
Zoom into the USDNOK 4-hour chart to better understand the pair’s price action.
The USDNOK 4-Hour Chart Analysis
The technical indicators provide more precise data on the 4-hour chart. The awesome oscillator bars are red, and the RSI indicator flipped below the 50 level. However, the bears are fighting the 23.6% Fibonacci support at the 10.57 mark.
Given that the price hovers below the bullish flag’s median line, the Norwegian Krone will likely drop the U.S. dollar to the 38.2% Fibonacci support level, the 10.4 mark. For this scenario to happen, the market should remain below the 10.63 minor resistance.
Conversely, if the bulls stabilize the price above the 10.57 Fibonacci resistance, the bearish scenario should be invalidated. The next bullish target could then be the upper band of the flag.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
