FxWirePro: USD/NOK eases on Norges bank's warning, likely to break below 10-DMA
The Norwegian Krone rallied, extending gains for the third straight session as Norges bank pledged to intervene in currency markets. Norway's central bank sent a warning to markets, threatening to in intervene in currenc…
The Norwegian Krone rallied, extending gains for the third straight session as Norges bank pledged to intervene in currency markets.
Norway's central bank sent a warning to markets, threatening to in intervene in currency markets for the first time in two decades if the panic selling continued.
USD/NOK trades 1.5 percent lower at 10.8822, having touched an all-time high of 12.1224 on Thursday.
The pair continues its bearish run and is likely to break below 10-DMA.
Momentum indicators are bearish: RSI has rolled over from overbought levels and Stochs are biased lower.
Immediate resistance is located at 11.1552, and close above could take it till 11.2826.
On the downside, support is around 10.7588, break below could take it till 10.6370 (50% Fib).
