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Momentum Still Points Higher for USD/NOK

NOK
  • USDNOK continues to trade inside the recent range through the end-2021 and into the first few weeks of the new year, with consolidation the primary theme since the holiday period.
  • Nonetheless, the widening gap between the 50- and 200-dma suggest momentum in the pair continues to point higher. In the near-term, 8.9269 acts as first resistance - having previously contained prices so far in 2022. This level marks the 38.2% retracement of the December pullback and progress through here will be needed before vol band resistance at 8.9328 and any attempt on the late 2021 high at 9.1974.
  • With the pair continuing to oscillate either side of the 50-dma, a moderation in momentum would work in favour of bears, with 8.7597 marking first support ahead of the 100- and 200-dmas, which today cross at 8.7254/8.6354.
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