USDNOK (1H) - short term bearish bias
The US dollar had been going sideways between 9.0700 and 9.2200 during the November consolidation. As the pair made a U-turn at the daily resistance, we can expect further weakness as a result of profit-taking from range-bound traders. The break of the key support level at 9.1600 put the greenback under increasing pressure as fresh sellers start to join the battering. The area between the 20 and 30-hour averages could see heightened volume before the next bearish movement.
Key support: 9.1280
Key resistance: 9.1770
The US dollar had been going sideways between 9.0700 and 9.2200 during the November consolidation. As the pair made a U-turn at the daily resistance, we can expect further weakness as a result of profit-taking from range-bound traders. The break of the key support level at 9.1600 put the greenback under increasing pressure as fresh sellers start to join the battering. The area between the 20 and 30-hour averages could see heightened volume before the next bearish movement.
Key support: 9.1280
Key resistance: 9.1770