FxWirePro: USD/NOK halts 2-day winning streak, finds resistance at 10.6506
The Norwegian Krone rose, halting a 2-day losing streak as the central bank further raises its purchase of crowns. On Tuesday, Norway's central bank stated that it will further increase its daily purchase of Norwegian cu…
The Norwegian Krone rose, halting a 2-day losing streak as the central bank further raises its purchase of crowns.
On Tuesday, Norway's central bank stated that it will further increase its daily purchase of Norwegian currency to 2 billion crowns per day from 1.6 billion crowns earlier, selling foreign currency to fund government spending.
However, the upside in the Norwegian currency appears limited as general public’s domestic loan debt increased 4.8 percent year-on-year to NOK 6,081 billion at the end of February, easing from a 5.0 percent rise in the previous month and below market consensus of a 5 percent gain, its weakest growth since December 2016.
The pair continues to float above 20-EMA, break below could test 21-DMA.
USD/NOK trades 0.5 percent lower at 10.4687, having touched an all-time high of 12.1224 earlier in the month.
Momentum indicators are bearish on hourly charts.
Immediate resistance is located at 10.6811 (7-EMA), and close above could take it till 10.7290.
On the downside, support is around 10.3976 (20-EMA), break below could take it till 10.2864.
