FxWirePro: USD/NOK finds resistance at 200-DMA, good to sell on rallies
The Norwegian Krone rose, hovering away from a 1-week low hit in the previous session as investors digested upbeat unemployment rate. Norway's seasonally adjusted unemployment rate stood at 3.8 percent in the three month…
The Norwegian Krone rose, hovering away from a 1-week low hit in the previous session as investors digested upbeat unemployment rate.
Norway's seasonally adjusted unemployment rate stood at 3.8 percent in the three months to November, the same as in the June-August period but below expectations of 3.9 percent.
USD/NOK trades 0.2 percent lower at 8.8110, having touched a low of 8.7542 on Thursday, its lowest since July 31.
Momentum indicators are bearish on hourly charts: RSI weak at 40.11, MACD supports downside and Stoch are biased lower.
200-DMA is acting as major resistance.
Next resistance level is located at 8.8720 (10-DMA), and close above could take it till 8.9115.
On the downside, support is around 8.7880, break below could take it till 8.7542.
Recommendation: Good to sell on rallies around 8.8339, with stop loss at 8.8654, and target price of 8.7880.
