FxWirePro: USD/NOK hits 3-1/2 week trough, major support at 55-EMA
Friday, May 8, 2020 11:23 AM UTC
- 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.