- The Norwegian Krone drifted further away from a 1-week peak hit in the previous session after the release of downbeat current account figures.
- Norway's current account surplus plunged to NOK 23.93 billion in the third quarter from NOK 83.89 billion in the same period the prior year.
- USD/NOK trades 0.3 percent higher at 9.2082, having touched a low of 9.1346 on Tuesday, its lowest since November 25.
- On Tuesday, the pair broke below major support 21-DMA; but rebounded to close 0.2 percent higher at 9.1785.
- Momentum indicators are bullish: RSI strong at 58.11, Stoch are biased higher and MACD supports upside.
- Immediate resistance is located at 9.2222, and close above could take it till 9.2370.
- On the downside, support is around 9.1647 (10-DMA), break below could take it till 9.1564 (20-EMA).
Recommendation: Good to buy on rallies around 9.1856, with stop loss at 9.1647 and target price of 9.2222.
