FxWirePro: USD/NOK rebounds from 3-week low, faces resistance at 55-EMA
The Norwegian Krone retreated from a 3-week peak as the greenback bounced back from recent lows. The dollar index rose from a 3-week low after a White House spokeswoman said Senate Republicans will go along with what Pre…
The Norwegian Krone retreated from a 3-week peak as the greenback bounced back from recent lows.
The dollar index rose from a 3-week low after a White House spokeswoman said Senate Republicans will go along with what President Donald Trump wants in terms of coronavirus relief legislation.
The Norwegian currency rose earlier in the day following a surge in oil prices, supported by robust China data and on OPEC's oil demand forecast.
The Organization of the Petroleum Exporting Countries stated that the world oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise.
Demand will rise by 6.54 million barrels per day (bpd) next year to 96.84 million bpd, the OPEC said in a monthly.
International benchmark Brent crude was trading 1.1 percent up at $42.24 per barrel by 1246 GMT, having hit a high of $43.54 on Friday, its highest since September 18. U.S. West Texas Intermediate was trading 1.3 percent higher at $40.01 a barrel, after rising as high as $41.44 on Friday, its highest since September 18.
USD/NOK trades 0.2 percent higher at 9.1470, having touched a low of 9.1127 earlier, its lowest since September 21.
Immediate resistance is located at 9.2283 (20-EMA), close above could take it till 9.2593.
On the downside, support is around 9.0964, break below could take it till 9.0694.
