FxWirePro: USD/NOK rebounds from 1-week trough, major resistance at 20-EMA
The Norwegian Krone retreated from a 1-week peak recorded earlier in the session as investors continued to digest soft December balance of trade figures. USD/NOK trades 0.1 percent higher at 8.8680, having touched a high…
The Norwegian Krone retreated from a 1-week peak recorded earlier in the session as investors continued to digest soft December balance of trade figures.
USD/NOK trades 0.1 percent higher at 8.8680, having touched a high of 8.9173 on Monday, its highest since December 24.
Momentum indicators are bullish on hourly charts: Stochs are biased higher and MACD supports upside.
20-EMA continues to act as major resistance.
Immediate resistance is located at 8.8872 (21-DMA), and close above could take it till 8.9008 (20-EMA).
On the downside, support is around 8.8318, break below could take it till 8.8068.
Recommendation: Good to buy on dips around 8.8588, with stop loss at 8.8440 and target price of 8.8872.
