FxWirePro: Norwegian Krone rallies to 2-week peak ahead of inflation data
The Norwegian Krone rose to a 2-week high, ahead of Norway's inflation data due tomorrow. Norway's inflation rate is expected to rise 0.7 percent in August after recording a decline of 0.4 percent in July; on a yearly ba…
The Norwegian Krone rose to a 2-week high, ahead of Norway's inflation data due tomorrow.
Norway's inflation rate is expected to rise 0.7 percent in August after recording a decline of 0.4 percent in July; on a yearly basis, the inflation rate is expected to remain steady at 1.9 percent.
USD/NOK trades 0.2 percent down at 8.9563, having touched a low of 8.9521 earlier, its lowest since Aug. 23.
Momentum indicator show bearish trend - MACD supports downtrend and Stochs heading into oversold.
Immediate resistance is around 9.0243 (7-EMA) and any violation above could take it till 9.0485 (August 28 High).
On the downside, support is located at 8.9314 (August 23 Low) and any break below could take it till 8.8878 (August 7 Low)/ 8.8490 (August 9 Low).
Recommendation: Good to sell on rallies around 8.9871, with stop loss at 9.0063 and target price of 8.9314.
