FxWirePro: USD/NOK rallies to record peak, sustains gains above 9.4000
The Norwegian Krone declined to fresh record lows earlier in the session on mixed economic data. Norway's general public’s domestic loan debt increased 5.0 percent year-on-year to NOK 6,052 billion at January, easing fro…
The Norwegian Krone declined to fresh record lows earlier in the session on mixed economic data.
Norway's general public’s domestic loan debt increased 5.0 percent year-on-year to NOK 6,052 billion at January, easing from a 5.1 percent rise in the previous month, its weakest growth rate since February 2017.
Separate data showed the number of unemployed persons in Norway decreased to 75,150 in February from 75,670 in January of 2020.
USD/NOK trades 0.2 percent higher at 9.4377, having touched an all-time high of 9.4823 earlier in the session.
Momentum indicators are bullish: RSI strong at 71, MACD supports upside and Stochs are at overbought levels.
Immediate resistance is located at 9.4883, and close above could take it till 9.4933.
On the downside, support is around 9.3670, break below could take it till 9.3551 (5-DMA).
Recommendation: Good to buy on dips around 9.3963, with stop loss at 9.3670 and target price of 9.4883.
