FxWirePro: USD/NOK hovers towards 2-1/2 week peak, good to buy on dips
The Norwegian Krone declined, extending losses for the third straight session following the release of downbeat loan growth data. Norway's general public’s domestic loan debt increased 5.5 percent year-on-year to NOK 5,9…
The Norwegian Krone declined, extending losses for the third straight session following the release of downbeat loan growth data.
Norway's general public’s domestic loan debt increased 5.5 percent year-on-year to NOK 5,932 billion in August, easing from a 5.6 percent growth in the previous month and matching market consensus.
USD/NOK trades 0.1 percent up at 9.0817, having touched a high of 9.1160 on Monday, its highest since September 3.
Momentum indicators are bullish - RSI strong at 61.62, MACD supports upside and Stochs are at over brought levels.
Immediate resistance is located at 9.1085 and a close above could take it till 9.1304.
On the downside, support is around 9.0285 (7-EMA), break below could take it till 8.9983 (20-EMA).
Recommendation: Good to buy on dips around 9.0790, with stop loss at 9.0510 and target price of 9.1085
