The Norwegian Krone rose, hovering away from a near 1-week low hit in the previous session following better-than-expected manufacturing production and industrial production data. Norway's manufacturing production increas…
The Norwegian Krone rose, hovering away from a near 1-week low hit in the previous session following better-than-expected manufacturing production and industrial production data.
Norway's manufacturing production increased at an annualized rate of 2.90 percent in September from 1.7 percent in August, while industrial production declined 8.1 percent year-on-year in September, following a 9.2 percent contraction in the previous month.
USD/NOK trades 0.5 percent down at 9.1264, having touched a high of 9.2041 on Wednesday, its highest since October 31.
Momentum indicators are bearish: RSI weak at 49.18, Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 9.2021 and a close above could take it till 9.2107.
On the downside, support is around 9.1079, break below could take it till 9.0903.
Recommendation: Good to sell on rallies around 9.1606, with stop loss at 9.1967 and target price of 9.1079.
