FxWirePro: USD/NOK at all-time peak, intraday bias bullish
The Norwegian Krone consolidated near an all-time peak hit in the previous session ahead of domestic inflation and household consumption data due tomorrow. On Tuesday, the pair rallied as high as 9.1792 but trimmed gains…
The Norwegian Krone consolidated near an all-time peak hit in the previous session ahead of domestic inflation and household consumption data due tomorrow.
On Tuesday, the pair rallied as high as 9.1792 but trimmed gains to close at 9.1590, 0.25 percent up on the day.
USD/NOK trades flat at 9.1560, having touched a record high of 9.1792 the day before.
Momentum indicators are bullish - RSI strong at 65.91, MACD support upside and Stochs are biased higher.
Immediate resistance is located at 9.1920 and a close above could take it till 9.2041.
On the downside, support is around 9.1168 (7-EMA), break below could take it till 9.1039 (10-DMA).
Recommendation: Good to buy on dips around 9.1615, with stop loss at 9.1262 and target price of 9.1920
