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FxWirePro: USD/NOK rallies to 1-week peak, good to buy on dips

  • The Norwegian Krone fell to a near 1-week low as markets continued to digest downbeat consumer confidence data.
     
  • Norway's consumer confidence declined to 13.40 in the three months to December from a downwardly revised 15.0 in the previous period.
     
  • The pair broke above major resistance 21-DMA but failed to sustain gains above the 9.2100 handle. 
     
  • USD/NOK trades 0.7 percent up at 9.1835, having touched a high of 9.2127 earlier, its highest since November 4.
     
  • Momentum indicators are bullish: RSI strong at 55.89, Stochs are biased higher and MACD supports upside.
     
  • Immediate resistance is located at 9.2265, and close above could take it till 9.2599.
     
  • On the downside, support is around 9.1032, break below could take it till 9.0833 (55-EMA).

Recommendation: Good to buy on dips around 9.1291, with stop loss at 9.1032, and target price of 9.2265. 

By Lactus Fernandes
  • Market Data
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