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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…

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FxWirePro: USD/NOK near 1-week peak, good to buy on dips
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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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