FxWirePro: USD/NOK breaks below 200-DMA, dip till 9.4770 likely
The Norwegian Krone rose, extending previous session gains as the oil prices rallied and the dollar eased across the board. Crude oil prices steadied, amid more signs of fuel demand picking up after the depths of the cor…
The Norwegian Krone rose, extending previous session gains as the oil prices rallied and the dollar eased across the board.
Crude oil prices steadied, amid more signs of fuel demand picking up after the depths of the coronavirus pandemic as major crude producers continue to stick to supply cuts.
International benchmark Brent crude was trading 1.7 percent higher at $43.71 per barrel by 1047 GMT, having hit a high of $43.90 earlier, its highest since March 6. U.S. West Texas Intermediate was trading 2.02 percent up at $41.38 a barrel, after rising as high as $41.55 earlier, its highest since March 6.
USD/NOK trades 0.8 percent lower at 9.5142, having touched a high of 9.7151 on Monday, its highest June 15.
The pair fell below 200-DMA earlier in the day but trimmed losses to trade above the 9.5000 handle.
Immediate resistance is located at 9.7150, close above could take it till 9.7333.
On the downside, support is around 9.4770,.break below could take it till 9.4552.
