FxWirePro: USD/NOK retreats from record peaks, face resistance at 12.000
The Norwegian Krone nudged up, retreating from record highs hit last week. On Friday, the Norwegian currency attempted a recovery following Norway central bank's decision to cut its benchmark interest rate by 75 bps to a…
The Norwegian Krone nudged up, retreating from record highs hit last week.
On Friday, the Norwegian currency attempted a recovery following Norway central bank's decision to cut its benchmark interest rate by 75 bps to a record low of 0.25 percent during an emergency meeting. However, it closed 5 percent lower as the greenback surged across the board.
USD/NOK trades 1.2 percent lower at 11.7291, having touched an all-time high of 12.1224 on Thursday.
Momentum indicators are turning bearish on hourly charts: RSI point south, Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 12.0115, and close above could take it till 12.0408.
On the downside, support is around 11.4213 (23.6% Fib), break below could take it till 11.3041.
