FxWirePro: USD/NOK rallies towards record peak, likely to break above 10.4000
The Norwegian Krone declined, hovering towards record lows hit in the previous session, as nervous traders stuck with the most liquid currency amid very fragile sentiment USD/NOK trades 0.8 percent higher at 10.3564, hav…
The Norwegian Krone declined, hovering towards record lows hit in the previous session, as nervous traders stuck with the most liquid currency amid very fragile sentiment
USD/NOK trades 0.8 percent higher at 10.3564, having touched an all-time high of 10.3995 on Monday.
Momentum indicators are bullish: RSI strong at 80, Stochs are at overbought levels and MACD supports upside.
Immediate resistance is located at 10.3990, and close above could take it till 10.4285.
On the downside, support is around 10.1110 (23.6% retracement of 9.1788 and 10.3995), break below could take it till 9.9329 (38.2% retracement)
Recommendation: Good to buy on dips around 10.2881, with stop loss at 10.2406 and target price of 10.4010.
