FxNews—The USD/NOK currency pair is stabilizing the price below the 23.6% Fibonacci support level at 10.59. As of writing, the U.S. dollar trades at approximately 10.52 against the Norwegian Krone, nearing the immediate resistance at 10.49.
The USD/NOK 4-hour chart below demonstrates the current exchange rate, the Fibonacci retracement levels, and the technical indicators utilized in today’s analysis.
USDNOK Technical Analysis – 25-June-2024
The primary trend of the USD/NOK is bearish because the price is below the 100-period simple moving average and the descending trendline. The technical indicators suggest the downtrend will likely resume and prevail over the bull market.
- The awesome oscillator value is -0.035, and the red bars below the signal line indicate a strong bear market.
- The relative strength index is 39 in the description and moves alongside the median line, meaning the market lacks momentum, but the trend is mildly bearish.
- The stochastic oscillator value declines, depicting 50 in the %K line description, signifying the market is not oversold, and the bearish momentum can extend further.
USDNOK Forecast – 25-June-2024
From a technical standpoint, the primary trend will remain bearish if the USD/NOK price is below the 50- and 100-period simple moving averages. That said, if the USD/NOK price dips below the immediate support at 10.49, the bearish wave that began on June 17 will likely target the June 4 low at 10.42. Furthermore, if the selling pressure exceeds 10.42, the next supply zone will be the March 8 low at 10.3.
Please note that the 50- and 100-period simple moving averages resist the USD/NOK selling strategies.
USD/NOK Bullish Scenario
The bullish traders’ key resistance level is the 23.6% Fibonacci at 10.59. If the USD/NOK price exceeds 10.59 and bulls can close and stabilize the market above the 50-period moving average, the weak uptick momentum begins from 10.49, gains strength, and targets the 38.2% Fibonacci at 10.69.
The key support level for the bullish scenario is the 10.49 mark.
USD/NOK Key Support and Resistance Levels
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 10.49 / 10.42 / 10.30
- Resistance: 10.59 / 10.69
Disclaimer: This technical analysis is for informational purposes only. Past performance is not necessarily indicative of future results. Foreign exchange trading carries significant risks and may not be suitable for all investors. Always conduct your research before making any investment decisions.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
