FxWirePro: USD/NOK halts 2-day losing streak on Norway's soft loan growth data, jump till 9.1923 likely
The Norwegian Krone declined, halting a 2-day rally following the release of soft loan growth data. Norway's general public’s domestic loan debt increased 5.6 percent year-on-year to NOK 6,004 billion in October, easing …
The Norwegian Krone declined, halting a 2-day rally following the release of soft loan growth data.
Norway's general public’s domestic loan debt increased 5.6 percent year-on-year to NOK 6,004 billion in October, easing from a 5.8 percent growth in the previous month but above market consensus of 5.5 percent.
USD/NOK trades 0.2 percent higher at 9.1786, having touched a high of 9.2127 last week, its highest since November 4.
Momentum indicators are bullish: RSI strong at 55.87, Stoch are biased higher and MACD supports upside.
The pair broke below major support level 20-EMA, but retraced to trade higher.
Immediate resistance is located at 9.1923, and close above could take it till 9.2007.
On the downside, support is around 9.1401 (10-DMA), break below could take it till 9.1273.
Recommendation: Good to buy on dips around 9.1605, with stop loss at 9.1401 and target price of 9.1923.
