- The Norwegian Krone rallied to a 10-day high following upbeat unemployment data and Norges Bank interest rate decision.
- Norway's central bank held its benchmark interest rate at 1.5 percent, as expected, following a 25bps hike in September.
- On the data front, Norway's seasonally adjusted unemployment rate decreased to 3.7 percent in August from 3.8 percent in July.
- USD/NOK trades 0.1 percent down at 9.1140, having touched a low of 9.0835 earlier, its lowest since October 14.
- Momentum indicators are bearish: MACD supports downside and Stochs are biased lower.
- Immediate resistance is located at 9.1383 (7-EMA) and a close above could take it till 9.1686.
- On the downside, support is around 9.0750, break below could take it till 9.0502/ 9.0203 (55-EMA).
Recommendation: Good to sell on rallies around 9.1213, with stop loss at 9.1383 and target price of 9.0750.
