The Norwegian Krone surged after tumbling to a near 3-week low in the previous session. USD/NOK trades down at 9.0414, having touched a high of 9.1160 on Monday, its highest since September 3. Investors await Norway's se…
The Norwegian Krone surged after tumbling to a near 3-week low in the previous session.
USD/NOK trades down at 9.0414, having touched a high of 9.1160 on Monday, its highest since September 3.
Investors await Norway's seasonally adjusted unemployment rate due to release on Wednesday, which is likely to increase 3.6 percent in the three months to July from 3.5 percent in the February-April 2019 period and surpassing expectations of 3.4 percent.
Momentum indicators are turning bearish - MACD supports downside and Stochs are on the verge of bearish crossover.
RSI strong at 59.02, a minor jump expected
Immediate resistance is located at 9.0790 and any close above could take it till 9.1304 (August 30 High).
On the downside, support is around 9.0043 (21-DMA), break below could take it till 8.9737 (10-DMA) 8.9595 (August 19 Low).
Recommendation: Good to sell on rallies around 9.0430, with stop loss at 9.0790 and target price of 8.9737.
