FxWirePro: USD/NOK near 1-week peak, faces resistance at 10-DMA
The Norwegian Krone plunged to a near 1-week low as oil prices fell and the dollar surged across the board. Investors seem to have ignored better than expected Norway's manufacturing PMI figures. Norway's manufacturing P…
The Norwegian Krone plunged to a near 1-week low as oil prices fell and the dollar surged across the board.
Investors seem to have ignored better than expected Norway's manufacturing PMI figures.
Norway's manufacturing PMI increased to 42 points in April from 41.40 points in March of 2020.
Crude oil prices declined on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery.
Last week, the pair slumped to an over 2-week low but found strong support at 55-EMA.
USD/NOK trades 0.7 percent up at 10.3942, having touched a low of 10.2037 on Thursday, its lowest April 14.
Immediate resistance is located at 10.4827 (10-DMA) and close above could take it till 10.5048.
On the downside, support is around 10.2820, break below could take it till 10.2402.
