- USD/NOK trades 0.2 percent up at 8.7224, having touched a high of 8.7318 in the prior session, its highest since June 19.
- On Friday, the pair closed above the 8.6960 level, indicating further bullish momentum.
- RSI is still strong at 61.10, MACD supports uptrend. Stochs are biased higher, but likely to rollover from overbought levels.
- Immediate resistance is around 8.7369 (June 17 High), any close above 8.7594 (June 18 High) could see reversal in trend.
- On the downside, support is located at 8.6991 (May 7 Low) and any violation below could take it till 8.6604 (5-DMA).
Recommendation: Good to buy on dips around 8.7000, with stop loss at 8.6604 and target price of 8.7594.
