FxWirePro: USD/NOK plunges to 1-week trough below 21-DMA, intraday bias bearish
Tuesday, April 28, 2020 10:58 AM UTC
- The Norwegian Krone rallied to an over 1-week peak, as the greenback tumbled across the board.
- The Federal Reserve has led the global monetary policy response to the coronavirus pandemic by cutting interest rates to zero and aggressively buying bonds and corporate credit.
- The Norwegian currency also strengthened after data showed Norway's retail trade increased by 1.3 percent year-on-year in March, slowing from a 2.0 percent gain in the previous month.
- USD/NOK trades 1.1 percent down at 10.53858, having touched a high of 10.8059 on Thursday, its highest March 25.
- Immediate resistance is located at 10.5760, and close above could take it till 10.6370.
- On the downside, support is around 10.3596, break below could take it till 10.3153.