The Currency Pair is trading near the Support Zone. This was a zone from where buying was seen in the currency pair which led the price high in previous upward move, so this support is going to play a strong support zone in coming days, if the pair trades below this zone than we can expect a big correction in the pair and accordingly we will advice to shift the position, but as per current scenario we will advice to buy the pair @ cmp for a upside move till 8.5870.

At the Lower level Engulfing pattern has been formed indicating a short term reversal in a currency pair,so if this move is a retracement move we will go forward with the retracement move.

The RSI has been in 30 and now trading at 36 we expect the RSI to follow the price.

USD/NOK

Oct 22 2021