The Norwegian Krone eased, extending losses for the third straight session following mixed growth data. Norway's gross domestic product expanded 1.30 percent in the third quarter over the same quarter of the previous yea…
The Norwegian Krone eased, extending losses for the third straight session following mixed growth data.
Norway's gross domestic product expanded 1.30 percent in the third quarter over the same quarter of the previous year.
On a quarterly basis, the Norwegian economy showed no growth in the three months to September, after a downwardly revised 0.2 percent expansion in the previous period and missing market forecast of a 0.5 percent expansion.
USD/NOK trades 0.3 percent up at 9.1523, having touched a high of 9.2041 on Wednesday, its highest since October 31.
Momentum indicators are bullish: RSI strong at 52.72 and Stochs are biased higher.
Immediate resistance is located at 9.1749 and close above could take it till 9.2041.
On the downside, support is around 9.1152, break below could take it till 9.1032.
Recommendation: Good to buy on dips around 9.1270, with stop loss at 9.1152, and target price of 9.1749.
