Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/NOK off 1-month low, ahead of Norges Bank policy decision

  • The Norwegian Krone eased after rising to multi-week peaks in the previous session as investors await Norway's Central Bank decision
     
  • The Norges Bank held its benchmark interest rate at 1.25 percent during its August meeting, following a 25bps hike in June. 
     
  • USD/NOK trades 0.6 percent up at 8.9675, having touched a low of 8.9118 on Tuesday, its lowest since August 14.
     
  • Momentum indicators are turning bullish - RSI strong at 51.91, and Stochs have rolled over from oversold levels. 
     
  • Immediate resistance is around 9.0063 (August 26 High) and any violation above could take it till 9.0485 (August 28 High).
     
  • On the downside, support is located at 8.8878 (August 7 Low) and break below could take it till 8.8490 (August 9 Low). 

Recommendation: Good to buy on dips around 8.9219, with stop loss at 8.9122 and target price of 9.0063 
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.