Steady selling of crude oil over the past week has likely catalysed a bearish undertone for the NOK. Although some commodities are staging a near-term bounce, EUR/NOK is now trading above its 100-week average for the first time since 2009. A close above this average, near 7.57, would likely setup further medium-term gains. This is especially the case given that USD/NOK is also threatening a multi-year trendline, a break above which would confirm further NOK weakness.
Click here to read the full report: Technical Research
Barclays