. USDNOK: Bullish Momentum Persists - 24 May 2023

USDNOK: Bullish Momentum Persists

24 May 2023

USDNOK: WEEKLY SCENARIO

USDNOK Technical Analysis: Weekly Chart

In the weekly charts, USDNOK is trading in an up channel. USDNOK is currently trading above all SMA.

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 10.400 the resistance level is at 11.200

USDNOK will trade in an up channel until there is a trend reversal.

USDNOK Technical Analysis: Daily Chart

In the daily charts, USDNOK is trading in an up channel. USDNOK is currently trading above all SMA except MA(20).

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 10.700 the resistance level is at 11.000

USDNOK was traded in an up channel before there is a breakout downside.  

How to Trade USDNOK this Week:

USDNOK will follow the uptrend until its trend reversal. So, remain bullish on USDNOK

TRADE SUGGESTION- BUY AT 11.000, TAKE PROFIT AT 11.500 AND STOP LOSS AT 10.200.