The Norwegian Krone slumped to a fresh record low as the monetary policy is expected to be on hold for several years. On Wednesday, a Reuters poll predicted that the Norwegian central bank will keep the interest rates on…
The Norwegian Krone slumped to a fresh record low as the monetary policy is expected to be on hold for several years.
On Wednesday, a Reuters poll predicted that the Norwegian central bank will keep the interest rates on hold after they raised them four times in the last 13 months.
USD/NOK trades 0.1 percent up at 9.1805, having touched a record high of 9.2170 earlier.
Momentum indicators are bullish - RSI is strong at 62.93, MACD support upside and Stochs are biased higher.
Immediate resistance is located at 9.2215 and a close above could take it till 9.2480.
On the downside, support is around 9.1292, break below could take it till 9.0935.
Recommendation: Good to buy on dips around 9.1815, with stop loss at 9.1482 and target price of 9.2215.
