FxWirePro: USD/NOK extends gains, outlook remains bullish
Monday, May 25, 2020 11:27 AM UTC
- The Norwegian Krone declined, extending losses for the third straight session. as the greenback rose against a basket of currencies.and crude oil prices eased.
- Crude oil prices declined on concerns over rising tensions between the United States and China over Beijing’s plans to impose security laws on Hong Kong and the possibility of sanctions from Washington
- International benchmark Brent crude was trading 0.5 percent lower at $35.14 per barrel by 1122 GMT, having hit a high of $36.96 on Thursday, its highest since March 11. U.S. West Texas Intermediate was trading 0.2 percent down at $33.49 a barrel, after rising as high as $34.64 on Thursday, its highest since March 11.
- USD/NOK trades 0.4 percent up at 10.0245, having touched a low of 9.8784 on Thursday, its lowest March 12.
- Last week, the pair rose as high as10.0998 but retraced to close 0.5 percent higher at 9.9804.
- Immediate resistance is located at 10.0770 (10-DMA), close above could take it till 10.1211.
- On the downside, support is around 9.9593 (5-DMA) break below could take it till 9.9119.