FxWirePro: USD/NOK rebounds from 1-week low, struggles to break above 200-DMA
The Norwegian Krone declined, retreating from a 1-week peak hit earlier in the session as the dollar surged across the board. The dollar index bounced back from a 1-week low, boosted by the progress made around a U.S. fi…
The Norwegian Krone declined, retreating from a 1-week peak hit earlier in the session as the dollar surged across the board.
The dollar index bounced back from a 1-week low, boosted by the progress made around a U.S. fiscal stimulus packaged to cushion the coronavirus blow and data showing U.S. consumer confidence rebounded more than expected in September as households’ views of the labour market improved.
USD/NOK trades 0.7 percent higher at 9.4823, having touched a high of 9.6158 on Friday, its highest since July 1.
The pair slumped below the 9.4000 hadle earlier in the day but retraced to trade higher.
Immediate resistance is located at 9.5223 (200-DMA), close above could take it till 9.5584.
On the downside, support is around 9.3591, break below could take it till 9.3121 (10-DMA).
