FxWirePro: USD/NOK retreats from 2-1/2 month low, faces resistance at 5-DMA
The Norwegian Krone declined after rising from four straight sessions, as the greenback rallied across the board. The greenback against a basket of currencies traded 0.1 percent up at 99.22, having touched a low of 99.00…
The Norwegian Krone declined after rising from four straight sessions, as the greenback rallied across the board.
The greenback against a basket of currencies traded 0.1 percent up at 99.22, having touched a low of 99.00 on Wednesday, its lowest since May 4.
However, the Norwegian currency trimmed some losses as crude oil prices surged to multi-week peaks.
Crude oil prices advanced to an over 2-month peak as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut.
International benchmark Brent crude was trading 1.7 percent higher at $36.44 per barrel by 1045 GMT, having hit a high of $36.70 earlier, its highest since March 11. U.S. West Texas Intermediate was trading 2.2 percent up at $34.22 a barrel, after rising as high as $34.46 earlier, its highest since March 11.
USD/NOK trades 0.3 percent up at 9.9295, having touched a low of 9.8862 the day before, its lowest March 13.
On Wednesday, the pair plunged to an over 2-month low but retraced to close 0.7 percent lower at 9.8999.
Immediate resistance is located at 9.9772, close above could take it till 10.0047.
On the downside, support is around 9.8788 break below could take it till 9.8568.
