FxWirePro: USD/NOK breaks below 20-EMA to hit 3-week trough
The Norwegian Krone rallied to a 3-week peak following better than expected economic data. Norway's industrial production surged 5.4 percent year-on-year in February, following a 0.3 percent expansion in the previous mon…
The Norwegian Krone rallied to a 3-week peak following better than expected economic data.
Norway's industrial production surged 5.4 percent year-on-year in February, following a 0.3 percent expansion in the previous month, its third straight yearly increase and the most since September 2017.
Separate data showed manufacturing production increased 0.60 percent in February of 2020 over the same month in the previous year.
The Norwegian currency further extended gains after Norway's government said it considered the coronavirus outbreak to be under control in the country.
It said the number of new people infected by each patient with the virus, had fallen to 0.7, down from 2.5 when containment measures were introduced in mid-March.
USD/NOK trades 1.7 percent lower at 10.2540, having touched an all-time high of 12.1224 last month.
Momentum indicators are bearish on hourly charts.
Immediate resistance is located at 10.5033 (7-EMA), and close above could take it till 10.5336.
On the downside, support is around 10.1570, break below could take it till 10.1268.
