USD/NOK Currency Pair Forecast
Evaluation of USD/NOK currency pair downgraded after the last trading session.
(Updated on May 31, 2024)
The USD/NOK currency pair price fell by -0.536% on the last day (Friday, 31st May 2024) from kr10.54 to kr10.49. During the last trading day the currency pair fluctuated 2.00% from a day low at kr10.36 to a day high of kr10.57. The price has fallen in 6 of the last 10 days and is down by -1.9% for this period. Volume has increased on the last day by 165 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 165 thousand shares were bought and sold for approximately kr1.73 million.
The currency pair has broken the horizontal trend down. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately kr10.49 is considered to be a "second chance" to get out before further fall. It is, however, important to note that false breaks may appear and that the price may move back into the horizontal trend. A break on increasing volume is considered to be more significant and reliable than breaks on low volume.
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USDNOK Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 27, 2024, and so far it has risen 0.0111%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The USD/NOK currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at kr10.53 and kr10.80. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the currency pair should be followed more closely.
Support, Risk & Stop-loss for USD/NOK currency pair
USD/NOK finds support from accumulated volume at kr10.44 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved kr0.207 between high and low, or 2.00%. For the last week the currency pair has had daily average volatility of 0.569%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (USDNOK) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect USD/NOK to open at kr10.47, and during the day (based on 14 day Average True Range), to move between kr10.37 and kr10.60, which gives a possible trading interval of +/-kr0.111 (+/-1.06%) up or down from last closing price. If USD/NOK takes out the full calculated possible swing range there will be an estimated 2.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at kr10.51 (0.25%) than the support at kr10.44 (0.41%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is USD/NOK currency pair A Buy?
USD/NOK holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this currency pair. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this currency pair since the last evaluation from a Buy to a Sell candidate.
Current score: -1.324 Sell Candidate Downgraded
Predicted Opening Price for USD/NOK of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| kr10.47 ( 0.143%) | kr10.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for USDNOK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10.68 | 1.83 % | |
| R2 | 10.60 | 1.08 % | ||
| R1 | 10.55 | 0.612 % | ||
| Current price: | 10.49 | |||
| Support | S1 | 10.39 | -0.90 % | |
| S2 | 10.34 | -1.36 % | ||
| S3 | 10.26 | -2.12 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 11.01 | 5.05 % | |
| R2 | 10.93 | 4.27 % | ||
| R1 | 10.51 | 0.248 % | ||
| Current price | 10.49 | |||
| Support | S1 | 10.44 | -0.414% | |
| S2 | 10.43 | -0.567% | ||
| S3 | 10.40 | -0.793% |
FAQ
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