FxWirePro: USD/NOK gains as Norway's unemployment rate nudge up; intra day bias bullish
The Norwegian Krone declined after the release of Norway's worse-than-expected unemployment rate. Data released earlier showed Norway's unemployment rate rose to 3.4 percent in May from previous month's reading of 3.3 pe…
The Norwegian Krone declined after the release of Norway's worse-than-expected unemployment rate.
Data released earlier showed Norway's unemployment rate rose to 3.4 percent in May from previous month's reading of 3.3 percent and above a forecast of 3.2 percent.
USD/NOK trades 0.1 percent up at 8.6474, having touched a high of 8.6960 in the prior session, its highest since June 20.
On Wednesday, the pair failed to sustain above the 8.6755 level and declined slightly below 8.6297 (38.2% retracement of 8.5226 and 8.6960),
RSI is still strong at 55.86, MACD supports uptrend.
Immediate resistance is around 8.6960 (July 24 High), close above could take it near 8.7594 (June 18 High).
On the downside, support is located at 8.6123 (55-EMA) and any violation below could take it till 8.5759 (200-DMA).
Recommendation: Good to buy around 8.6320, with stop loss at 8.6123 and target price of 8.6960.
