- The Norwegian Krone edged lower, extending losses for the fourth straight session as the greenack recouped early session losses.
- USD/NOK currently trades up at 8.5974, having recorded a 1-week high of 8.6010 earlier.
- Technical indicators support upside in the pair - RSI strong at 50.69, Stochs are biased higher, MACD supports uptrend.
- Immediate resistance is around 8.6116 (61.8% retracement of 8.6759 and 8.5194), break above could take it near 8.6642 (July 10 High).
- On the lower side, 8.5589 (21-DMA) is acting as next immediate support and any break below 8.5194 (July 12 Low) could see reversal in trend.
Recommendation: Good to go long around 8.5700, with stop loss at 8.5589 and target price of 8.6166.
By Lactus Fernandes