- The Norwegian Krone declined, halting a 2-day rally following the release of downbeat unemployment data.
- Norway's seasonally adjusted unemployment rate increased to 3.8 percent in the three months to August from 3.3 percent in the March-May 2019 period and surpassing market expectations of 3.6 percent.
- USD/NOK trades 0.2 percent up at 9.0224, having touched a high of 9.1160 on Monday, its highest since September 3.
- Momentum indicators are turning bullish - RSI strong at 56.21, MACD supports upside and Stochs indicate a bullish crossover.
- Immediate resistance is located at 9.0485 and a close above could take it till 9.0929.
- On the downside, support is around 8.9836 (20-EMA), break below could take it till 8.9595 (August 19 Low).
Recommendation: Good to buy on dips around 9.0047, with stop loss at 8.9836 and target price of 9.0485
