FxWirePro: USD/NOK off all-time peak on Norway's upbeat inflation, major support at 10-DMA
The Norwegian Krone retreated from an all-time peak following the release of inflation data. Norway's Consumer Price Index increased 0.50 percent in September over the previous month, while core consumer prices increased…
The Norwegian Krone retreated from an all-time peak following the release of inflation data.
Norway's Consumer Price Index increased 0.50 percent in September over the previous month, while core consumer prices increased 2.20 percent in September over the same month in the previous year.
USD/NOK trades 0.4 percent down at 9.1395, having touched a record high of 9.1815 earlier.
Momentum indicators are bearish - Stochs are biased lower.
Immediate resistance is located at 9.1920 and a close above could take it till 9.2041.
On the downside, support is around 9.1159 (10-DMA), break below could take it till 9.0748 (7-EMA).
Recommendation: Good to sell on rallies around 9.1660, with stop loss at 9.1920 and target price of 9.1159
