• The US dollar initially retreated slightly against the Norwegian currency during the opening session on Wednesday but has since recovered.
  • It is worth noting that we are close to the 61.8% Fibonacci retracement level of the recent rally and bounced back quite a bit from there during Tuesday’s session.
  • Now the question is how do we proceed from here.
  • We’re roughly in the middle of the stability range between 10 and 11, and therefore, I think you’re more likely than not setting up for some sort of choppiness.

I like the upside at the moment, but it’s also worth considering. Crude oil There was a bit more selling, so that may be part of why the Norwegian krone is starting to get a little more support. Longer-term though, higher interest rates in the US continue to make the dollar at least somewhat attractive. Remember USD/NOK There is one pair that can make a lot of noise, but it tends to last longer and is more of an investment.

Interest rates don’t make much of a difference.

The interest rate difference between the two is negligible. Not that there is a huge difference. So it’s not as important a driver as you’ll probably see the US dollar versus the Japanese yen. That being said, the 200-day EMA is near the 10.65 level above. So it might offer a bit of resistance, but ultimately the market remains somewhat limited. So, I think you have to look at it as a minor inconvenience. If the market breaks below the 10.40 level, we can start to relax and try to pull it back towards the 10 level. But right now, I think we’re just consolidating, trying to build enough momentum for the next move, which should be clear once it happens.

USD/NOK Forecast Today 06/06: Trending Long Term (Graph)

Once that happens, it’s likely we’ll see a significant move, and I plan to join in. The market is something that many people ignore, but it can be profitable if you trade it. Scalping is still a bit tricky, with the spread being wide at times, so make sure you’re willing to be involved for more than just a few moments.

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