FxWirePro: USD/NOK gains as Norway's trade surplus declines, jump till 8.9142 likely

 

• The Norwegian Krone eased, reversing most of its previous session gains following downbeat December balance of trade figures. 
   
• Norway's trade surplus decreased to NOK 25.6 billion in December from NOK 26.29 billion in the same month a year earlier.
   
• USD/NOK trades 0.2 percent higher at 8.8839, having touched a high of 8.9173 on Monday, its highest since December 24.
   
• Momentum indicators are bullish on hourly charts: RSI strong at 52.03, and MACD supports upside.
   
• Immediate resistance is located at 8.9142 (20-EMA), and close above could take it till 8.9373.
   
• On the downside, support is around 8.8429 (10-DMA), break below could take it till 8.8262.

Recommendation: Good to buy on dips around 8.8700, with stop loss at 8.8530 and target price of 8.9142.