The US Dollar to Norwegian Krone USD/NOK continues to move as part of a correction and a long-term bullish channel. At the time of publication of the forecast, the exchange rate of the US Dollar to the Norwegian krone is 10.34. Moving averages indicate the presence of a short-term bullish trend for the pair. Prices have broken through the area between the signal lines down, which indicates pressure from the sellers of the pair and a potential continuation of the fall in the near future. At the moment, we should expect an attempt to develop a correction and test the support level near the 10.15 area. As part of the forecast, we should expect a rebound upwards and the continued growth of the pair on Forex to the area above the level of 10.95.
Norwegian Krone Forecast October 27, 2022
An additional signal in favor of the growth of the Norwegian krone quotes will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the USD/NOK growth option on Forex will be a fall and a breakdown of the 10.05 area. This will indicate a breakdown of the lower border of the channel and a continued fall in quotes to the area below the level of 9.35. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and the closing of the quotes of the USD/NOK pair above the level of 10.85, which will indicate the breakdown of the upper limit of the downward correction channel.
Norwegian Krone Forecast October 27, 2022 suggests an attempt to test the support area near the level of 10.15. Then, continued growth to the area above the level of 10.95. An additional signal in favor of the rise of the pair on Forex will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the US Dollar against the Norwegian krone will be a fall and a breakdown of the level of 10.05, in this case, we should expect a continuation of the fall to the level of 9.35.
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