The USD/NOK currency pair is still trading in a downtrend after another unsuccessful attempt to break the resistance level near 5.6271. At the moment USD/NOK is rolling back after a fail to test the support level near 5.32.
Earlier in a daily graph the USD/NOK formed Bearish Engulfing candlestick combination indicating downside movement.
This combination was formed amid a rollback of the pair to 5.3505 that it failed to break before. Nevertheless, the upside movement was paused near 5.4461. Further the bears started to increase their influence.
Break of the support level 5.2146 will denote that this point of view is correct. In this case we should expect downside movement to multi-month low 5.1172.
However it should be mentioned that if the resistance level 5.6271 is broken short positions should be closed as it will cause growth to 5.7217.