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FxWirePro: USD/NOK gains as Norway's trade surplus declines, jump till 8.9142 likely

Wednesday, January 15, 2020 11:06 AM UTC

The Norwegian Krone eased, reversing most of its previous session gains following downbeat December balance of trade figures.
Norway's trade surplus decreased to NOK 25.6 billion in December from NOK 26.29 billion in the same month a year earlier.
USD/NOK trades 0.2 percent higher at 8.8839, having touched a high of 8.9173 on Monday, its highest since December 24.
Momentum indicators are bullish on hourly charts: RSI strong at 52.03, and MACD supports upside.
Immediate resistance is located at 8.9142 (20-EMA), and close above could take it till 8.9373.
On the downside, support is around 8.8429 (10-DMA), break below could take it till 8.8262.

Recommendation: Good to buy on dips around 8.8700, with stop loss at 8.8530 and target price of 8.9142.

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FxWirePro: USD/NOK gains as Norway's trade surplus declines, jump till 8.9142 likely

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