FxWirePro: USD/NOK retreats from 1-1/2 week trough, finds support at 20-EMA
Monday, March 30, 2020 10:55 AM UTC
- The Norwegian Krone nudged lower, hovering away from a 1-1/2 week low hit in the previous session as the greenback surged across the board.
- The pair found strong support at 20-EMA on Friday to close 0.5 percent higher at 10.4487.
- Last week, the pair lost around 12 percent as a rush for liquidity weakened the bid tone around the greenback amid coronavirus scare.
- USD/NOK trades 1.01 percent higher at 10.5620, having touched an all-time high of 12.1224 earlier in the month.
- Momentum indicators are turning bullish.
- Immediate resistance is located at 10.6977 / 10.7345, and close above could take it till 10.8200.
- On the downside, support is around 10.3515, break below could take it till 10.2864.