Chart of the day: USD/NOK

Blake Morrow Forex Analytix

Some of the FX commodity currencies are looking vulnerable (see AUD and NZD currencies) and the USD/CAD (a similar pair tied to Crude oil) has failed to make a new trend low with the recent USD weakness. The USD/NOK pair could be argued that the downside momentum has slowed quiet substantially over the last couple weeks. At this time, I am closely monitoring the downtrend line from April which comes in just below the 9.2000 level. A break of this could squeeze the pair back above the 9.5000 level to the 200dma. While above the 9.0000 this may be the near term risk.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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