USDNOK (1H) - short term bullish bias
The US dollar is rallying across the board at the end of the week after being sold off at the year's end. The RSI rising back from the over-extended area came in as a sharp contrast to the price's lower lows, this bullish divergence was the first sign of a potential reversal in the making. Successive breaks above 8.7900 and 8.8200 put sellers under pressure, and the bullish MA cross was a confirmation that buyers have taken control of the price action. An extended rally is likely to reach 8.8900.
Key support: 8.7900
Key resistance: 8.8900
The US dollar is rallying across the board at the end of the week after being sold off at the year's end. The RSI rising back from the over-extended area came in as a sharp contrast to the price's lower lows, this bullish divergence was the first sign of a potential reversal in the making. Successive breaks above 8.7900 and 8.8200 put sellers under pressure, and the bullish MA cross was a confirmation that buyers have taken control of the price action. An extended rally is likely to reach 8.8900.
Key support: 8.7900
Key resistance: 8.8900