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 forec…
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.
