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From : FX Daily Hotline: 30 October 2014
Chart of the day: US$ tests 2010 barrier v NOK

 

The US Dollar tops the 'Gainers' board with +1.5% against the Norwegian Krona.  The rate has strongly extended the uptrend from the May floor at NK5.8491 to challenge the 2010 peak at NK6.7281.  A breakout will have the US currency heading back to the 2008/2009 top formation, which stretches up to NK7.3145.

We continue to hold a long trade in the pairing.  In view of the now overbought RSI indicator, the stop is tightened to NK6.6300, thereby locking in a profit.

 

 

 






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