USD/NOK: Daily indicators are bearish - Natixis

Micaella Feldstein, Research Analyst at Natixis, notes that a downside channel has emerged on the daily chart for USD/NOK pair and the daily indicators are bearish.

Key Quotes

“Besides, the weekly indicators send sell signals. Against this backdrop, rallies should be short lived and we rather recommend keeping a lookout at the support at 8.3470 (weekly parabolic and lower band of the upside channel oct 16- dec 16).”

“A break of this threshold would indeed unleash added downside potential to 8.2530 (Fibonacci extension) ahead of 8.1340 (Fibonacci extension) and to 7.9805 (weekly Bollinger lower band). The resistances are at 8.4813, at 8.55, at 8.7430 and at 8.85.”