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FxWirePro: USD/NOK breaks below 10-DMA, dip till 9.1976 likely

The Norwegian Krone surged, extending previous session gains as investors continued to digest better-than-expected consumer confidence figures. USD/NOK trades 0.3 percent lower at 9.2160, having touched a record high of …

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FxWirePro: USD/NOK breaks below 10-DMA, dip till 9.1976 likely
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  • The Norwegian Krone surged, extending previous session gains as investors continued to digest better-than-expected consumer confidence figures.
     
  • USD/NOK trades 0.3 percent lower at 9.2160, having touched a record high of 9.3057 on Monday.
     
  • Momentum indicators are bearish on hourly charts: RSI weak at 29.52, Stochs are biased lower and MACD supports downside.
     
  • Immediate resistance is located at 9.2680, and close above could take it till 9.2989.
     
  • On the downside, support is around 9.1976, break below could take it till 9.1824.

Recommendation: Good to sell on rallies around 9.2380, with stop loss at 9.2489 and target price of 9.1976. 

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