- 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.
