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Add as a preferred source on Google FxWirePro: USD/NOK near 1-week peak, good to buy on dips The Norwegian Krone declined, hovering towards a near 1-week low. USD/NOK trades 0.2 percent higher at 8.9033, having touched a high of 8.9067 earlier, its highest since January 13. Momentum indicators are bullish: RSI p…
By FxWirePro Team Jan 17, 2020, 11:22 AM UTC
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The Norwegian Krone declined, hovering towards a near 1-week low.
USD/NOK trades 0.2 percent higher at 8.9033, having touched a high of 8.9067 earlier, its highest since January 13.
Momentum indicators are bullish: RSI point north, Stochs are biased higher and MACD supports upside.
200-DMA is acting as minor support.
Immediate resistance is located at 8.9173, and close above could take it till 8.9289.
On the downside, support is around 8.8680, break below could take it till 8.8604 (10-DMA).
Recommendation: Good to buy on dips around 8.8900, with stop loss at 8.8777 and target price of 8.9173,
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