Despite hot inflation readings from Norway, the Fed’s hawkish stance limits the downside. Markets are gearing up for next week’s US CPI reading which may likely set the pace of the pair. The USD/NOK pair is trading with mild losses around 10.85. The Federal Reserve's hawkish approach seems to be aiding the USD, while strong economic recovery signals in Norway aren't offsetting this impact on the NOK.
However, the consistent presence within the negative territory also warns of a continuous downtrend possibility. Simultaneously, the Moving Average Convergence Divergence histogram strengthens this view. Rising red bars signify an increasing negative momentum, with sellers gaining a more dominant position in the market. USD/NOK technical analysis Upon evaluation of the bigger picture, the USD/NOK chart exhibits a strong stance above the 20, 100, and 200-day Simple Moving Averages .
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Source: FXStreetNews - 🏆 14. / 72 Read more »