FxWirePro: Norwegian Krone halts 2-day rally on worse-than-expected unemployment rate
The Norwegian Krone declined, halting a 2-day rally following the release of downbeat unemployment data. Norway's seasonally adjusted unemployment rate increased to 3.8 percent in the three months to August from 3.3 perc…
The Norwegian Krone declined, halting a 2-day rally following the release of downbeat unemployment data.
Norway's seasonally adjusted unemployment rate increased to 3.8 percent in the three months to August from 3.3 percent in the March-May 2019 period and surpassing market expectations of 3.6 percent.
USD/NOK trades 0.2 percent up at 9.0224, having touched a high of 9.1160 on Monday, its highest since September 3.
Momentum indicators are turning bullish - RSI strong at 56.21, MACD supports upside and Stochs indicate a bullish crossover.
Immediate resistance is located at 9.0485 and a close above could take it till 9.0929.
On the downside, support is around 8.9836 (20-EMA), break below could take it till 8.9595 (August 19 Low).
Recommendation: Good to buy on dips around 9.0047, with stop loss at 8.9836 and target price of 9.0485
