FxWirePro: USD/NOK hits 3-1/2 week trough, major support at 55-EMA
The Norwegian Krone rallied to a 3-1/2 week peak following better-than-expected economic data. Norway's industrial production increased 7.6 percent year-on-year in March, the largest output increase since September 2017,…
The Norwegian Krone rallied to a 3-1/2 week peak following better-than-expected economic data.
Norway's industrial production increased 7.6 percent year-on-year in March, the largest output increase since September 2017, while it increased 1.40 percent in March over the previous month.
The Norwegian currency continued to benefit from yesterday's Norway central bank decision to cut its policy rate to zero.
USD/NOK trades 0.05 percent down at 10.2395, having touched a low of 10.1881 earlier, its lowest April 13.
Immediate resistance is located at 10.2786 (5-DMA), close above could take it till 10.2986 (7-EMA).
On the downside, support is around 10.1751 (55-EMA), break below could take it till 10.1606.
