FxWirePro: USD/NOK hits record high above 12.000, good to buy on dips

• The Norwegian Krone slumped to a fresh record low, dragged down by tumbling oil price, global markets and general uncertainty.
   
• Norway has implemented emergency coronavirus measures to control the spread of the virus, while the central bank said it is ready to intervene after the bottom seemed to fall out of the krone market.
   
• On Wednesday, the Norwegian currency suffered its biggest single-day collapse against the dollar, closing 7.7 percent down. 
   
• Crude oil prices declined to a near 18-year low around $25 a barrel mark as governments worldwide accelerated lockdowns to counter the coronavirus pandemic.
   
• USD/NOK trades 6.3 percent higher at 11.9904, having touched an all-time high of 12.1224 earlier. 
   
• Momentum indicators are bullish: RSI strong at 91, Stochs are at overbought levels and MACD supports upside. 
   
• Immediate resistance is located at 12.2082, and close above could take it till 10.2210. 
   
• On the downside, support is around 10.9875 (38.2% retracement of 9.1788 and 12.1224), break below could take it till 10.7991.

Recommendation: Good to buy on dips around 11.2770, with stop loss at 10.9875 and target price of 12.2082.