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FxWirePro: USD/NOK finds resistance at 200-DMA, good to sell on rallies

  • The Norwegian Krone rose, hovering away from a 1-week low hit in the previous session as investors digested upbeat unemployment rate.
  • Norway's seasonally adjusted unemployment rate stood at 3.8 percent in the three months to November, the same as in the June-August period but below expectations of 3.9 percent.
  • USD/NOK trades 0.2 percent lower at 8.8110, having touched a low of 8.7542 on Thursday, its lowest since July 31.
  • Momentum indicators are bearish on hourly charts: RSI weak at 40.11, MACD supports downside and Stoch are biased lower.
  • 200-DMA is acting as major resistance.
  • Next resistance level is located at 8.8720 (10-DMA), and close above could take it till 8.9115.
  • On the downside, support is around 8.7880, break below could take it till 8.7542.

Recommendation: Good to sell on rallies around 8.8339, with stop loss at 8.8654, and target price of 8.7880.

  • Market Data
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