FxWirePro: USD/NOK slumps below 9.3000, good to sell on rallies
The Norwegian Krone extended previous session rebound from all-time lows, following the release of better-than-expected consumer confidence. Norway's consumer confidence decreased to 14.5 points in the first quarter of 2…
The Norwegian Krone extended previous session rebound from all-time lows, following the release of better-than-expected consumer confidence.
Norway's consumer confidence decreased to 14.5 points in the first quarter of 2020 from 14.8 points in the fourth quarter of 2019, but surpassing expectations of 7.
USD/NOK trades 0.3 percent lower at 9.2539, having touched a record high of 9.3057 on Monday.
Momentum indicators are bearish on hourly charts: RSI weak at 39.90, Stochs are biased lower and MACD supports downside.
Immediate resistance is located at 9.3030, and close above could take it till 9.3050.
On the downside, support is around 9.2412 (5-DMA)/ 9.2321 (7-EMA), break below could take it till 9.2119 (10-DMA).
Recommendation: Good to sell on rallies around 9.2814, with stop loss at 9.3030 and target price of 9.2412.
