FxWirePro: USD/NOK near 3-month peak on Norway's soft manufacturing PMI, good to buy on dips
The Norwegian Krone plunged to a 3-month trough following soft manufacturing PMI. Norway's DNB manufacturing PMI fell to 50.9 in January from a downwardly revised 55 in December, its slowest expansion in manufacturing ac…
The Norwegian Krone plunged to a 3-month trough following soft manufacturing PMI.
Norway's DNB manufacturing PMI fell to 50.9 in January from a downwardly revised 55 in December, its slowest expansion in manufacturing activity since a contraction in July.
USD/NOK trades 0.8 percent higher at 9.2630, having touched a high of 9.2662 earlier, its highest since October 29.
Momentum indicators are bullish: RSI at 76.32, Stochs are at overbought levels and MACD supports upside.
Immediate resistance is located at 9.3052, and close above could take it till 9.3120.
On the downside, support is around 9.1554 (5-DMA), break below could take it till 9.1195 (7-EMA).
Recommendation: Good to buy on dips around 9.1990, with stop loss at 9.1554 and target price of 9.3052,
