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USDNOK – 19 Aug 2024

USDNOK 19 Aug 2024

On the daily timeframe, USDNOK is attempting to reverse the trend to bullish after previously using the kumo cloud as support. After experiencing a decline since the beginning of this month, the pair fell until it reached the price position of 10.66342. Despite trying to rally, bearish momentum still dominates the price movement. However, the pair now appears to be trying to initiate a bullish trend, which is reinforced by indications on the stochastic indicator. There was a crossing of the moving average, which is often an early signal for a potential continuation of the bullish trend. If this bullish momentum continues, the pair may be able to break the resistance and continue to rise, but it is still important to keep an eye on further developments to confirm this trend reversal.

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