FxWirePro: USD/NOK gains as Norway's trade surplus decreases, good to buy on dips

• The Norwegian Krone declined, extending losses for the third straight session following soft balance of trade figures.
   
• Norway's trade surplus decreased to NOK 21.2 billion in January 2020 from NOK 26.1 billion in the same month a year earlier. 
   
• USD/NOK trades 0.1 percent higher at 9.2548, having touched a record high of 9.3057 last week.
   
• Momentum indicators are bullish: RSI strong at 65.04, MACD supports upside and Stochs are biased higher.
   
• Immediate resistance is located at 9.2772, and close above could take it till 9.2927.
   
• On the downside, support is around 9.2152, break below could take it till 9.2006.

Recommendation: Good to buy on dips around 9.2260, with stop loss at 9.2152, and target price of 9.2772.