FxWirePro: USD/NOK hits 2-week peak, faces strong resistance at 55-EMA
The Norwegian Krone plunged to a 2-week low as the greenback rallied against a basket of currencies and crude oil prices slumped on demand worries. Crude oil prices declined as optimism for a recovery in fuel demand fade…
The Norwegian Krone plunged to a 2-week low as the greenback rallied against a basket of currencies and crude oil prices slumped on demand worries.
Crude oil prices declined as optimism for a recovery in fuel demand faded, while a looming increase in supply and a possible return of Libyan oil production weighed on the market.
However, the downside in the Norwegian currency appears limited as data showed Norway's general public’s domestic loan debt increased 4.6 percent year-on-year to NOK 6,171 billion at the end of May, in line with previous month reading and market expectations.
USD/NOK trades 0.5 percent higher at 9.6634, having touched a high of 9.7688 earlier, its highest June 15.
Major resistance 55-EMA at 9.7956
Major support 10-DMA at 9.6028.
Immediate resistance is located at 9.7956, close above could take it till 9.8120.
On the downside, support is around 9.6261 (20-EMA), break below could take it till 9.6028.
