- The Norwegian Krone extended previous session rebound from all-time lows, following the release of better-than-expected consumer confidence.
- Norway's consumer confidence decreased to 14.5 points in the first quarter of 2020 from 14.8 points in the fourth quarter of 2019, but surpassing expectations of 7.
- USD/NOK trades 0.3 percent lower at 9.2539, having touched a record high of 9.3057 on Monday.
- Momentum indicators are bearish on hourly charts: RSI weak at 39.90, Stochs are biased lower and MACD supports downside.
- Immediate resistance is located at 9.3030, and close above could take it till 9.3050.
- On the downside, support is around 9.2412 (5-DMA)/ 9.2321 (7-EMA), break below could take it till 9.2119 (10-DMA).
Recommendation: Good to sell on rallies around 9.2814, with stop loss at 9.3030 and target price of 9.2412.
