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Add as a preferred source on Google FxWirePro: USD/NOK gains on Norway's downbeat consumer confidence, intraday bias bullish The Norwegian Krone eased from a 1-1/2 month peak recorded in the previous session following downbeat consumer confidence data. Norway's consumer confidence declined to 13.40 in the three months to December from a downwa…
By FxWirePro Team Nov 19, 2019, 8:55 AM UTC
Updated Nov 19, 2019, 9:13 AM UTC 1 min read
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The Norwegian Krone eased from a 1-1/2 month peak recorded in the previous session following downbeat consumer confidence data.
Norway's consumer confidence declined to 13.40 in the three months to December from a downwardly revised 15.0 in the previous period.
USD/NOK trades up at 9.1125, having touched a low of 9.0627 on Monday, its lowest since October 11.
Momentum indicators are bullish on hourly basis: RSI strong at 63.69, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 9.1377 (20-EMA), and close above could take it till 9.1502 (21-DMA).
On the downside, support is around 9.0979, break below could take it till 9.0820 (55-EMA).
Recommendation: Good to buy on dips around 9.1130, with stop loss at 9.0979, and target price of 9.1377
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