FxWirePro: USD/NOK rallies on Norway's mixed economic data, good to buy on dips

• The Norwegian Krone eased, extending previous session losses, following mixed economic data.
  
• Norway's consumer price index increased 0.2 percent in October after rising 0.5 percent in the previous month. On an annualized basis, the inflation rate rose to 1.8 percent in October from 1.5 percent in the previous month and matching market expectations.
  
• The bid tone around the Norwegian currency further weakened as producer prices tumbled 13.8 percent year-on-year in October following a 10.7 percent plunge in the previous month, recording its steepest yearly fall since May 2016.
  
• USD/NOK trades 0.3 percent up at 9.1264, having touched a high of 9.2041 on Wednesday, its highest since October 31.
  
• Momentum indicators are bullish: RSI strong at 53.26 and Stochs are biased higher.
  
• Immediate resistance is located at 9.1749 and a close above could take it till 9.2041.
  
• On the downside, support is around 9.1152, break below could take it till 9.1032.

Recommendation: Good to buy on dips around 9.1272, with stop loss at 9.1152, and target price of 9.1749.