FxWirePro: USD/NOK nudges closer to record peak, likely to close above 9.4000
The Norwegian Krone declined, hovering towards a record low hit in the prior session despite upbeat unemployment rate. Norway's seasonally adjusted unemployment rate stood at 3.9 percent in the three months to January, u…
The Norwegian Krone declined, hovering towards a record low hit in the prior session despite upbeat unemployment rate.
Norway's seasonally adjusted unemployment rate stood at 3.9 percent in the three months to January, unchanged from the August-October period, but below market expectations of 4.0 percent.
On Tuesday, the pair rose as high as 9.4033 but trimmed gains to close flat at 9.3583.
USD/NOK trades 0.2 percent higher at 9.3965, having touched a record high of 9.4033 in the prior session.
Momentum indicators are bullish: RSI strong at 68, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 9.4008, and close above could take it till 9.4057.
On the downside, support is around 9.3449, break below could take it till 9.3387.
Major support at 9.3151 (5-DMA).
Recommendation: Good to buy on dips around 9.3622, with stop loss at 9.3449 and target price of 9.4008.
