- The Norwegian Krone nudged up, retreating from record lows as the greenback eased on a lack of clarity over the stimulus package proposed by U.S. President Donald Trump to soften the economic impact of the coronavirus epidemic
- On Tuesday, the Norwegian currency attempted a minor recovery but turned lower after data showed annual inflation rate fell to 0.9 percent in February 2020 from 1.8 percent in the previous month, below expectations of 1.6 percent.
- USD/NOK trades 0.3 percent lower at 9.5619, having touched an all-time high of 9.6349 the day before.
- Momentum indicators are bearish on hourly charts: RSI weak at 49, Stochs are biased lower and MACD supports downside
- Immediate resistance is located at 9.6288, and close above could take it till 9.6350 / 9.6505.
- On the downside, support is around 9.5271 (23.6% retracement of 9.1788 and 9.6349), break below could take it till 9.4605 (38.2% retracement)
Recommendation: Good to sell on rallies around 9.5860, with stop loss at 9.6056 and target price of 9.5271.
