FxWirePro: USD/NOK extends gains on Norway's worse-than-expected economic data, jump till 9.1994 likely
The Norwegian Krone plunged, extending losses for the second straight session following worse-than-expected retail sales and household consumption data. Norway's retail sales decreased 0.8 percent in October after postin…
The Norwegian Krone plunged, extending losses for the second straight session following worse-than-expected retail sales and household consumption data.
Norway's retail sales decreased 0.8 percent in October after posting a 0.1 percent drop in the previous month and below a forecast of 0.2 percent rise, while retail trade fell by 0.3 percent year-on-year in October, after a 0.8 rise a month earlier.
Separate data showed household consumption of goods declined by 1 percent in October, after a downwardly revised 0.1 percent rise in the previous month.
USD/NOK trades 0.2 percent higher at 9.1800, having touched a high of 9.2127 last week, its highest since November 4.
Momentum indicators are bullish: RSI strong at 56.16, Stoch are biased higher and MACD supports upside.
Immediate resistance is located at 9.1994, and close above could take it till 9.2041.
On the downside, support is around 9.1562 (7-EMA), break below could take it till 9.1435 (21-DMA).
Recommendation: Good to buy on dips around 9.1688, with stop loss at 9.1562 and target price of 9.1994.
