USD/NOK has been trading in a sliding mode since yesterday, after hitting resistance twice near the 9.305 zone. Today, the pair managed to clearly break below the upside support line taken from the low of January 16th, suggesting that the bulls may have left the field for a while. However, in order to get confident on more declines, we prefer to wait for a dip below the 9.180 area, which provided decent support between January 31st and February 6th.
If indeed the bears manage to reach and breach that hurdle, we may see them diving towards the 9.109 territory, defined as a support by the lows of January 28th and 29th. If they are not willing to stop there either, we could see the slide extending towards another upside support line, drawn from the low of January 2nd, or towards the 9.035 barrier, marked by the low of January 27th.


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