Chart of the day: USD/NOK

Blake Morrow Forex Analytix

When the USD/NOK broke the 9.2000 level the bears were squeezed and squeezed hard. We rallied today above the 200dma before pulling back and closing below the 200dma. But we are also at the 24% retracement of the March highs to recent lows which means we could still have further to rally. The 38% Fibonacci retracement level is at the 9.9768 level, just shy of the big figure. While we trade above the 9.2000 level we'd think bulls will be looking for that 38% level in the weeks ahead.

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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