FxWirePro: USD/NOK rebounds from multi-month lows, faces strong resistance at 10-DMA
The Norwegian Krone declined, drifting further away from a 6-month peak recorded in the prior session as crude oil prices tumbled on fuel demand fears, while greenback rebounded from over 2-year lows. Crude oil prices de…
The Norwegian Krone declined, drifting further away from a 6-month peak recorded in the prior session as crude oil prices tumbled on fuel demand fears, while greenback rebounded from over 2-year lows.
Crude oil prices declined, extending previous session losses, as bearish sentiment about fuel demand counteracted optimism about Iraq’s supply cut.
International benchmark Brent crude was trading 0.8 percent down at $44.74 per barrel by 1047 GMT, having hit a high of $46.21 on Wednesday, its highest since March 6. U.S. West Texas Intermediate was trading 0.9 percent lower at $41.54 a barrel, after rising as high as $43.50 on Wednesday, its highest since March 6.
USD/NOK trades 0.3 percent higher at 8.9975, having touched a low of 8.9012 on Thursday, its lowest since Janunary.
Immediate resistance is located at 9.0633 (10-DMA), close above could take it till 9.0899.
On the downside, support is around 8.9289, break below could take it till 8.9010.
