Revisiting USDNOK

by Ashraf Laidi

Feb 26, 2009 16:03

In revisiting the NOK trade, we see a confirmation of the persistent consolidation in the USDNOK pair, albeit, at a narrowing range with a 7.00 trend line resistance and 6.75 support. The last Hot-Chart (Feb 11) supported the case for wide consolidation but the latest decline in the trend line resistance indicates the 6.99 upside may be attained by bullish oscillators, paving the way for the next leg down towards 6.97, 6.90 and 6.78.

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