Oil ongoing slide back to initial gap and USD/NOK breakout still driving pair higher
10~ area next on the pair
Worth noting that oil continues to fall away, Brent now off another 4 ½ %, and filling into the 27 Feb / Mar gap, so very much all in on the full unwind. That’s keeping NOK in particular under liquidation pressure with the added momentum on the push above the Feb/March USD/NOK highs. The 10+/- area therefore attracts both as the prior high area and as 38% retracement on the whole move down. With the momentum, it is going to take the wheels coming off in Iran to derail the breakout action.