- The Norwegian Krone declined, reversing most of its previous session gains following the release of downbeat retail sales.
- Norway's retail sales remained flat in August after rising 0.8 percent in the previous month, while retail trade increased by 0.4 percent year-on-year in August, after a 0.9 rise a month earlier.
- USD/NOK trades 0.1 percent up at 9.0767, having touched a high of 9.1160 last week, its highest since September 3.
- Momentum indicators are bullish - RSI strong at 60.93, MACD supports upside and Stochs are at over brought levels.
- Immediate resistance is located at 9.1085 and a close above could take it till 9.1304.
- On the downside, support is around 9.0383 (7-EMA), break below could take it till 9.0049 (20-EMA).
Recommendation: Good to buy on dips around 9.0630, with stop loss at 9.0484 and target price of 9.1085
