FxWirePro: USD/NOK halts 4-day rally, good to sell on rallies

• The Norwegian Krone surged, halting a 4-day losing streak following the release of Norway's August Balance of Trade figures.  
   
• Norway's trade surplus expanded to NOK 6.7 billion in August from NOK 6.0 billion in the previous month.
   
• USD/NOK trades 0.3 percent down at 8.9555, having touched a high of 9.0106 on Thursday, its highest since September 6.
   
• Momentum indicators are bearish - RSI weak at 49.95, MACD supports downside and Stochs show a bearish crossover. 
   
• Immediate resistance is around 9.0063 (August 26 High) and any violation above could take it till 9.0485 (August 28 High).
   
• On the downside, support is located at 8.9122 (September 9 Low) and any break below could take it till 8.8878/ 8.8490 (August 9 Low). 

Recommendation: Good to sell on rallies around 8.9755, with stop loss at 9.0005 and target price of 8.9122.