- The Norwegian Krone declined, hovering towards a record low hit in the prior session despite upbeat unemployment rate.
- Norway's seasonally adjusted unemployment rate stood at 3.9 percent in the three months to January, unchanged from the August-October period, but below market expectations of 4.0 percent.
- On Tuesday, the pair rose as high as 9.4033 but trimmed gains to close flat at 9.3583.
- USD/NOK trades 0.2 percent higher at 9.3965, having touched a record high of 9.4033 in the prior session.
- Momentum indicators are bullish: RSI strong at 68, MACD supports upside and Stochs are at overbought levels.
- Immediate resistance is located at 9.4008, and close above could take it till 9.4057.
- On the downside, support is around 9.3449, break below could take it till 9.3387.
- Major support at 9.3151 (5-DMA).
Recommendation: Good to buy on dips around 9.3622, with stop loss at 9.3449 and target price of 9.4008.