Chart of the Day: USD/NOK

in #forex4 years ago

Some of the FX commodity currencies are looking vulnerable (see AUD and NZD/USD currencies) and
USD/CAD (a similar pair tied to crude oil) has failed to make a new trend low with the recent USD weakness.The USD/NOK pair could be argued that the downside momentum has slowed quiet substantially over the last couple weeks. At this time, I am closely monitoring the downtrend line from April, which comes in just below the 9.2000 level. A break of this could squeeze the pair back above the 9.5000 level to the 200 dma. While above the 9.0000, this may be the near-term risk.

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