FxWirePro: USD/NOK breaks below 21-DMA to hit 2-week low
The Norwegian Krone rallied to a 2-week peak after Norway's government struck a crisis deal with the opposition. Norway's government agreed a new coronavirus economic support package with opposition parties, opening the …
The Norwegian Krone rallied to a 2-week peak after Norway's government struck a crisis deal with the opposition.
Norway's government agreed a new coronavirus economic support package with opposition parties, opening the way to a massive 20bn Norwegian kroner a month in support to companies hit by the lockdown.
The pair breached major support at 21-DMA and is now hovering towards the 10.000 handle.
However, the Norwegian currency failed to extend gains as manufacturing PMI declined to 41.9 in March from a downwardly revised 51.6 in the previous month.
USD/NOK trades 0.8 percent lower at 10.2970, having touched an all-time high of 12.1224 earlier in the month.
Momentum indicators are bearish on hourly charts.
Immediate resistance is located at 10.4953 (5-DMA), and close above could take it till 10.6060 / 10.6506.
On the downside, support is around 10.2406, break below could take it till 10.2032.
