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FxWirePro: USD/NOK extends rebound, good to buy on dips

Wednesday, September 11, 2019 9:49 AM UTC

The Norwegian Krone eased, extending losses from the prior session, as the greenback rebounded from recent lows.
USD/NOK trades 0.2 percent up at 8.9679, having touched a low of 8.9122 on Monday, its lowest since Aug. 14.
Momentum indicators are bullish - RSI strong at 51.69 and Stochs have rolled over from oversold levels
Immediate resistance is around 8.9994 (21-DMA) and any violation above could take it till 9.0485 (August 28 High).
On the downside, support is located at 8.9252 (August 15 Low) and any break below could take it till 8.8878/ 8.8490 (August 9 Low).

Recommendation: Good to buy on dips around 8.9537, with stop loss at 8.9252 and target price of 8.9994

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FxWirePro: USD/NOK extends rebound, good to buy on dips

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