• The technical indicators that are used are the Williams Percent Range and Slow Stochastic.

• Point 1: There is a “doji” candlestick that has formed on the chart, indicating that a reversal should take place.

• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.

• Point 3: The Williams Percent Range indicates that the price of this cross currently floats in the oversold territory, signaling upward pressure.

USD/NOK 4-Hour Chart

source:  forexyard.com

However, in the coming few hours, the leading currencies, such as the GBP/USD cross will be under much pressure from the Dollar, as a string of data is set to be released from the U.S. At 13:30 GMT, the Unemployment Claims, Prelim Nonfarm Productivity and the Prelim Unit Labor Costs will all be published simultaneously from the U.S. Surrounding these releases; there will be very high volatility in the forex market. Thus to open big positions in the U.S. Dollar now will be the wisest decision that you make this week.

source:  forexyard.com

USD/JPY Hourly Chart

source:  forexyard.com

The European currency’s strength was in line with other global currencies that took advantage of renewed risk appetite that suggested U.S. interest rates will stay low for some time; particularly after last week’s soft U.S. jobs data

source:  forexyard.com

The greenback managed a brief rally off Monday’s lows after Federal Reserve Chairman Ben Bernanke said the U.S. central bank is attentive to changes in the currency. The USD immediately jumped off the day’s lows with investors finding it unusual for a Fed chairman to talk on the Dollar. A temporary spike in the U.S. currency after the Fed chief’s comments helped it offset some of its session losses to the EUR but was quickly reversed. The USD turned negative as the Fed’s Chairman failed to convince investors that the U.S. would take action to shore up the greenback.

In Tuesday trading the U.S dollar was slightly up versus majors after the previous session’s sharp drop, supported by waning risk appetite as most Asian stock markets slumped. The U.S currency remained under pressure as U.S. equities advanced before Industrial production report which probably rose for a 4th consecutive month in October, signaling manufacturing is leading the rebound in U.S economy. The positive data suggests improvement in the U.S. economy and may embolden investors to move toward riskier assets and away from the relative safe-haven status of the greenback.

source:  forexyard.com

Norway’s economy is growing quite well and the government continues to stimulate the economy which supports the Krone further; the reason for it being that investors expect the central bank to continue raising interest rates. This expectation has helped the Krone to be the best performer of the 16 most tracked currencies since the end of June. The Krone gained 7.8% against the EUR and 15% against the USD in that period.

The trend receives support from technical analysis as well as can be seen below

• The chart below is the 2-hour USD/NOK chart by ForexYard.

• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI), and Williams Percent Range.

• There is a fresh bullish cross on the Slow Stochastic which suggests that a bullish movement is building.

• The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.

• The Williams Percent Range is testing the lower border at the -100 mark, which merely highlights some added upward pressure.

USD/NOK 2-Hour Chart

source:  forexyard.com

• The technical indicators used are the Slow Stochastic, MACD, and Relative Strength Index (RSI).

• Point 1: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.

• Point 2: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.

• Point 3: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.

NZD/USD 4-Hour Chart

source:  forexyard.com

Norway’s economy is growing quite well and the government continues to stimulate the economy which supports the Krone further; the reason for it being that investors expect the central bank to continue raising interest rates. This expectation has helped the Krone to be the best performer of the 16 most tracked currencies since the end of June. The Krone gained 7.8% against the EUR and 15% against the USD in that period.

The trend receives support from technical analysis as well as can be seen below

• The chart below is the 2-hour USD/NOK chart by ForexYard.

• The technical indicators used are the Slow Stochastic, Relative Strength Index (RSI), and Williams Percent Range.

• There is a fresh bullish cross on the Slow Stochastic which suggests that a bullish movement is building.

• The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.

• The Williams Percent Range is testing the lower border at the -100 mark, which merely highlights some added upward pressure.

USD/NOK 2-Hour Chart

source:  forexyard.com