USD/NOK will fail to break out from two major resistance lines

The pair will fail to break out from two (2) major resistance lines, sending the pair lower towards its 2020 low. The Federal Reserve holds onto its current benchmark interest rate of 0.25%. This was following the selling pressure by investors and traders on the US dollar in the previous weeks. Apparently, investors felt that the record-breaking $6 trillion economic aid by the central government and the central bank will scratch the value of the greenback on the medium-term. Aside from that, inventories of oil surged in the first week of June. Also, jobless claims are still way higher than the combined jobless claims during the 2008 Global Financial Crisis. Meanwhile, Norway is leading among the fastest recovering countries in Europe. Expectations for the full fiscal year GDP was down to 3.9% from 5.5% expected in April. Norway is seen by analysts as one of the most liquid countries in the world with its sovereign wealth fund at its disposal.