- The Norwegian Krone eased, halting a 2-day rally, following mixed economic data.
- Norway's industrial production shrank 5.7 percent year-on-year in July, following an 8.6 percent contraction in the previous month.
- Separate data showed, manufacturing production increased 3.80 percent in July over the same month in the previous year.
- USD/NOK trades 0.1 percent up at 9.0147, having touched a low of 8.9644 the day before, its lowest since Aug. 26.
- Momentum indicator show bearish trend - MACD supports downtrend.
- Stochs indicate a bullish crossover, a minor rebound expected.
- Immediate resistance is around 9.0408 (10-DMA) and any violation above could take it till 9.1085 (August 29 High).
- On the downside, support is located at 8.9595 (August 19 Low) and any break below could take it till 8.9314 (August 23 Low).
Recommendation: Good to sell on rallies around 9.0143, with stop loss at 9.0360 and target price of 8.9595.
