FxWirePro: USD/NOK retreats from near 1-week peak, finds resistance at 10-DMA
The Norwegian Krone nudged up, retreating from a near 1-week low recorded in the prior session after Norway said on Saturday it would consider cutting its oil production if a global deal to curb supply is agreed by the w…
The Norwegian Krone nudged up, retreating from a near 1-week low recorded in the prior session after Norway said on Saturday it would consider cutting its oil production if a global deal to curb supply is agreed by the world’s major producers.
The Organization of the Petroleum Exporting Countries and its allies are expected to meet on Thursday, instead of Monday, to discuss cutting production.
Kremlin spokesman Dmitry Peskov stated that Moscow was ready to coordinate with other oil-exporting countries to help stabilise the market.
USD/NOK trades 0.8 percent lower at 10.4885, having touched an all-time high of 12.1224 last month.
Momentum indicators are bearish on hourly charts.
Immediate resistance is located at 10.6506, and close above could take it till 10.6695.
On the downside, support is around 10.4141 (20-EMA), break below could take it till 10.3563.
