FxWirePro: USD/NOK gains on Norway's soft retail sales, jump till 9.1085 likely
The Norwegian Krone declined, reversing most of its previous session gains following the release of downbeat retail sales. Norway's retail sales remained flat in August after rising 0.8 percent in the previous month, whi…
The Norwegian Krone declined, reversing most of its previous session gains following the release of downbeat retail sales.
Norway's retail sales remained flat in August after rising 0.8 percent in the previous month, while retail trade increased by 0.4 percent year-on-year in August, after a 0.9 rise a month earlier.
USD/NOK trades 0.1 percent up at 9.0767, having touched a high of 9.1160 last week, its highest since September 3.
Momentum indicators are bullish - RSI strong at 60.93, MACD supports upside and Stochs are at over brought levels.
Immediate resistance is located at 9.1085 and a close above could take it till 9.1304.
On the downside, support is around 9.0383 (7-EMA), break below could take it till 9.0049 (20-EMA).
Recommendation: Good to buy on dips around 9.0630, with stop loss at 9.0484 and target price of 9.1085
