Forex: USD/NOK Trading Into Negative Territory

on May 13, 2013

The USD/NOK cross has so far experienced numerous fluctuations during the trading session on Monday, having recorded a daily high of 5.8273 and low of 5.7932, but with several smaller ups and downs throughout the day. Still, for a pair known for its huge swings in both directions, it might be said that the USD/NOK has had a somewhat calm day, with neither support nor resistance having been seriously threatened at any point during the day. The current support level is placed at 5.7806. If the cross decides to venture below that mark, additional supports will be provided at 5.7661 and 5.7516. If conversely it goes sharply up past the initial resistance level of 5.8382, new resistance is to be found first at 5.8528, and then at 5.8674. The cross being currently at 5.7930/46, down 0.17 percent on the day. The current sentiment on the market is slightly bullish.

Update: During the writing this article, the pair touched 5.7860, which is now its new low for the day. The cross instantly returned above 5.79.

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