USDNOK (1H) - short term bearish bias
The US dollar's general retreat today is giving the Norwegian Krone a push. The greenback has been in retreat since it met stiff selling pressure between the 20 and 30-day moving averages. On the hourly chart, the bearish RSI divergence was the warning sign of a waning bullish momentum. The U-turn was materialised by a breakout below the major floor of 8.8600. We would expect the pair to continue on its way down while the bearish trend line would keep any rebound in check.
Key support: 8.8300
Key resistance: 8.8800
The US dollar's general retreat today is giving the Norwegian Krone a push. The greenback has been in retreat since it met stiff selling pressure between the 20 and 30-day moving averages. On the hourly chart, the bearish RSI divergence was the warning sign of a waning bullish momentum. The U-turn was materialised by a breakout below the major floor of 8.8600. We would expect the pair to continue on its way down while the bearish trend line would keep any rebound in check.
Key support: 8.8300
Key resistance: 8.8800