FxWirePro: USD/NOK hits new record peak above 10.6100, good to buy on dips

• The Norwegian Krone plunged to a fresh record low, weighed down by sliding oil price and the coronavirus epidemic. 
   
• Crude oil prices declined below $30 a barrel as the coronavirus pandemic slowed economic growth and oil demand.
   
• The government is offering Norway’s sector the equivalent of $9.7 billion to support it through the coronavirus outbreak.
   
• USD/NOK trades 0.5 percent higher at 10.5130, having touched an all-time high of 10.6130 earlier. 
   
• Momentum indicators are bullish: RSI strong at 82, Stochs are at overbought levels and MACD supports upside. 
   
• Immediate resistance is located at 10.6514, and close above could take it till 10.6709. 
   
• On the downside, support is around 10.2745 (23.6% retracement of 9.1788 and 10.6130), break below could take it till 10.0651 (38.2% retracement)

Recommendation: Good to buy on dips around 10.4699, with stop loss at 10.4200 and target price of 10.6514.