FxWirePro: USD/NOK eases on mixed economic data, good to sell rallies
The Norwegian Krone rose, drifting further away from a record lows hit last week following mixed economic data. Norway's manufacturing production increased 1.20 percent in January over the same month in the previous year…
The Norwegian Krone rose, drifting further away from a record lows hit last week following mixed economic data.
Norway's manufacturing production increased 1.20 percent in January over the same month in the previous year, while separate data showed, industrial production decreased 2.30 percent in January over the previous month.
USD/NOK trades 0.4 percent lower at 9.2373, having touched an all-time high of 9.4953 last week.
Momentum indicators are bearish: RSI weak at 48, Stochs are at oversold levels and MACD supports downside
Immediate resistance is located at 9.3378, and close above could take it till 9.3659.
On the downside, support is around 9.2152, break below could take it till 9.2006.
Recommendation: Good to sell on rallies around 9.2701, with stop loss at 9.2943 and target price of 9.2152.
