USD/NOK
The greenback held steady or gained against most of its G10 rivals during a quiet European morning, recording its biggest gains against its New Zealand counterpart. The only currencies that slightly outperformed the USD were the AUD and the GBP. The AUD/USD pair is testing levels that were last seen back in June. The JPY depreciated for the first time in three days against the USD, after a lower-than-expected exports’ figure, while the country’s trade deficit continued widening. The miss on the nation’s exports seems to start convincing investors that more stimulus may be needed. The CHF was also slightly weakened against the USD, thus this pattern might be a first sign of reduction in demand for safe-haven currencies.
The USD/NOK has been moving in a short-term downtrend as is confirmed by the blue trend line and by the fact that the 50-hour moving average lies below the 200-hour moving average. However, during the European morning, the pair moved significantly higher and is currently found testing the resistance level at 5.9248 (R1) which coincides with the reading of the 50-hour moving average. A decisive violation of that barrier, might have larger bullish implications, targeting the next hurdle at 5.9427 (R2). Both oscillators support this scenario, since positive divergence is identified between them and the price action.
Support: 5.9129 (S1), 5.8954 (S2), 5.8810 (S3)
Resistance: 5.9248 (R1), 5.9427 (R2), 5.9593 (R3)
USD/NOK Hour Chart" title="USD/NOK Hour Chart" width="1731" height="813" src="https://d1-invdn-com.akamaized.net/content/pic866bafc696b67eaf36105e8cdc57f3e6.png">
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