FxWirePro: USD/NOK gains on Norway's worse-than-expected unemployment rate, jump till 9.1994 likely
The Norwegian Krone declined following the release of the worse-than-expected unemployment rate. Norway's seasonally adjusted unemployment rate increased to 3.9 percent in the three months to October from 3.6 percent in …
The Norwegian Krone declined following the release of the worse-than-expected unemployment rate.
Norway's seasonally adjusted unemployment rate increased to 3.9 percent in the three months to October from 3.6 percent in the May-July period and above market expectations of 3.7 percent.
USD/NOK trades 0.05 percent higher at 9.1710, having touched a high of 9.2127 last week, its highest since November 4.
Momentum indicators are bullish: RSI strong at 55.10 and MACD supports upside.
20-EMA is now acting as major support level, reversal in trend only on close below.
Immediate resistance is located at 9.1994, and close above could take it till 9.2120.
On the downside, support is around 9.1525 (7-EMA), break below could take it till 9.1446 (20-EMA).
Recommendation: Good to buy on dips around 9.1694, with stop loss at 9.1525 and target price of 9.1994.
