- The Norwegian Krone declined, extending losses for the third straight session following the release of downbeat loan growth data.
- Norway's general public’s domestic loan debt increased 5.5 percent year-on-year to NOK 5,932 billion in August, easing from a 5.6 percent growth in the previous month and matching market consensus.
- USD/NOK trades 0.1 percent up at 9.0817, having touched a high of 9.1160 on Monday, its highest since September 3.
- Momentum indicators are bullish - RSI strong at 61.62, MACD supports upside and Stochs are at over brought levels.
- Immediate resistance is located at 9.1085 and a close above could take it till 9.1304.
- On the downside, support is around 9.0285 (7-EMA), break below could take it till 8.9983 (20-EMA).
Recommendation: Good to buy on dips around 9.0790, with stop loss at 9.0510 and target price of 9.1085
