FxWirePro: USD/NOK slumps to a 2-1/2 month trough, dip till 9.0012 likely

• The Norwegian Krone surged to a 2-1/2 month peak after Norway's oil lobby raised the investment forecast for the country’s offshore industry for the coming years. 
   
• The Norwegian Oil and Gas Association in its annual forecasts stated that oil and gas companies operating will raise investments by 4 percent to 194.6 billion kroner ($21 billion) in 2020.
   
• USD/NOK trades 0.5 percent lower at 9.0256, having touched a low of 9.0134 earlier, its lowest since September 25.
   
• Momentum indicators are bearish: RSI weak at 36.36, MACD supports downside and Stoch are at oversold levels.
   
• Immediate resistance is located at 9.0833, and close above could take it till 9.1137 (55-EMA).
   
• On the downside, support is around 9.0012, break below could take it till 8.9872.

Recommendation: Good to sell on rallies around 9.0627, with stop loss at 9.0833 and target price of 9.0012.