FxWirePro: Norwegian Krone rallies to 2-week peak ahead of inflation data

• The Norwegian Krone rose to a 2-week high, ahead of Norway's inflation data due tomorrow. 
   
• Norway's inflation rate is expected to rise 0.7 percent in August after recording a decline of 0.4 percent in July; on a yearly basis, the inflation rate is expected to remain steady at 1.9 percent. 
   
• USD/NOK trades 0.2 percent down at 8.9563, having touched a low of 8.9521 earlier, its lowest since Aug. 23.
   
• Momentum indicator show bearish trend - MACD supports downtrend and Stochs heading into oversold. 
   
• Immediate resistance is around 9.0243 (7-EMA) and any violation above could take it till 9.0485 (August 28 High).
   
• On the downside, support is located at 8.9314 (August 23 Low) and any break below could take it till 8.8878 (August 7 Low)/ 8.8490 (August 9 Low). 
   

Recommendation: Good to sell on rallies around 8.9871, with stop loss at 9.0063 and target price of 8.9314.