Fundamental Analysis

USD/NOK Technical Evaluation: Will Pair Maintain Above Eight.7881 Barrier?


USD/NOK reached key resistance vary: Eight.7881-Eight.8244

Dominant uptrend to proceed – small pullback forward?

March 7 increase seemingly attributable to pessimistic ECB outlook

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USD/NOK not too long ago entered right into a key resistance vary between Eight.78810-Eight.8244, opening the door for attainable upward good points not seen because the finish of 2015. The over-one % increase on March 7 seems to be the results of the ECB’s gloomy outlook for development and inflation for 2019-2020.

USD/NOK – Every day Chart

Chart Showing USD/NOK

After skyrocketing into the brand new vary, the pair might calm down and retreat from what seems to be an outsized achieve. Adverse RSI divergence is signaling the pair might have a short pullback as upside momentum progressively cools. If the decrease certain of the Eight.7810-Eight.8244 vary is examined and holds with a every day shut above, it might sign a powerful bullish bias within the pair.

USD/NOK – 30-Minute Chart

Chart Shwoing USDNOK

USD/NOK might discover further resolve if Norway’s GDP launch tomorrow falls wanting the zero.three % forecast. The four-hour chart exhibits the pair simply on the sting of the decrease certain of resistance. Having a every day shut above this level would break a major psychological barrier that saved the pair at bay in December and early January.

USD/NOK – 4-Hour Chart

Chart Showing USDNOK

USD/NOK – Every day Chart

Chart shwoing USD/NOK


— Written by Dimitri Zabelin, Jr Forex Analyst for

To contact Dimitri, use the feedback part beneath or @ZabelinDimitrion Twitter

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