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FxWirePro: USD/NOK gains on Norway's downbeat consumer confidence, intraday bias bullish

  • The Norwegian Krone eased from a 1-1/2 month peak recorded in the previous session following downbeat consumer confidence data.
  • Norway's consumer confidence declined to 13.40 in the three months to December from a downwardly revised 15.0 in the previous period.
  • USD/NOK trades up at 9.1125, having touched a low of 9.0627 on Monday, its lowest since October 11.
  • Momentum indicators are bullish on hourly basis: RSI strong at 63.69, Stochs are biased higher and MACD supports upside.
  • Immediate resistance is located at 9.1377 (20-EMA), and close above could take it till 9.1502 (21-DMA).
  • On the downside, support is around 9.0979, break below could take it till 9.0820 (55-EMA).

Recommendation: Good to buy on dips around 9.1130, with stop loss at 9.0979, and target price of 9.1377

By Lactus Fernandes
  • Market Data
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