Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/NOK breaks above 9.2100, intraday bias bullish 

  • The Norwegian Krone slumped to a fresh record low as the monetary policy is expected to be on hold for several years.
     
  • On Wednesday, a Reuters poll predicted that the Norwegian central bank will keep the interest rates on hold after they raised them four times in the last 13 months.
     
  • USD/NOK trades 0.1 percent up at 9.1805, having touched a record high of 9.2170 earlier.
     
  • Momentum indicators are bullish - RSI is strong at 62.93, MACD support upside and Stochs are biased higher.
     
  • Immediate resistance is located at 9.2215 and a close above could take it till 9.2480.
     
  • On the downside, support is around 9.1292, break below could take it till 9.0935.

Recommendation: Good to buy on dips around 9.1815, with stop loss at 9.1482 and target price of 9.2215. 

  • Market Data
Close

Welcome to EconoTimes

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