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Abnormal but not unprecedented USD/NOK move

USD/NOK ADX(14) has just crossed above the key level 50, emerging from the low 30 levels in the previous session.

This event is abnormal but not unprecedented. It sets a scene from a positioning perspective where there is a big imbalance in the supply/demand equation, causing price to quickly search a new value zone.

While speeding up, it leaves behind unfilled sell orders which may cause prices to give back part of the impulsive move. The 200-SMA, now printing above the recent close, could be tested on an upside reaction.

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