FxWirePro: USD/NOK halts 4-day rally, finds support at 7-EMA
Monday, October 19, 2020 11:19 AM UTC
- The Norwegian Krone rebounded from an over 2-week low, as the greenback plunged against a basket of currencies.
- The dollar index eased amid growing expectations of a new U.S. stimulus package before Election Day.
- On Sunday, House Speaker Nancy Pelosi said that differences remained with President Donald Trump’s administration on a wide-ranging coronavirus relief package but that she was optimistic legislation could be pushed through before Election Day.
- USD/NOK trades 0.7 percent lower at 9.2930, having touched a high of 9.4110 on Thursday, its highest since September 30.
- Immediate resistance is located at 9.4010, close above could take it till 9.4110.
- On the downside, support is around 9.2790 (7-EMA), break below could take it till 9.2568 (5-DMA).