FxWirePro: USD/NOK halts 6-day losing streak, holds firm above 55-EMA
Tuesday, October 6, 2020 10:56 AM UTC
- The Norwegian Krone declined, retreating from a 2-week peak hit in the prior session as Norway oil strike expands.
- Companies and union officials stated that 6 Norwegian offshore oil and gas fields were shut on Monday as more workers joined a strike over pay.
- According to the Norwegian Oil and Gas Association (NOG), the strike will cut Norway’s total output capacity by just over 330,000 barrels of oil equivalent per day, or about 8 percent of total production.
- USD/NOK trades 0.2 percent higher at 9.2216, having touched a low of 9.1788 earlier, its lowest since September 21.
- The pair fell below 55-EMA earlier in the day but retraced to trade above the 9.2000 handle.
- Immediate resistance is located at 9.2990, close above could take it till 9.3280.
- On the downside, support is around 9.1585, break below could take it till 9.1332.