- The Norwegian Krone rebounded from record lows following Norway's central bank policy decision.
- The Norges Bank lowered its benchmark interest rate by 50 bps to 1.0 percent, in an announcement, its first-rate cut since March 2016.
- USD/NOK trades 2.3 percent lower at 9.9255, having touched an all-time high of 10.2719 on Thursday.
- Momentum indicators are bearish on hourly charts: RSI weak at 37, Stochs are at oversold levels and MACD supports downside.
- Immediate resistance is located at 10.2720, and close above could take it till 10.3045.
- On the downside, support is around 9.8599 (38.2% retracement of 9.1788 and 10.2719), break below could take it till 9.7298 (50% retracement)
Recommendation: Good to sell on rallies around 10.1580, with stop loss at 10.2540 and target price of 9.8599.
