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FxWirePro: USD/NOK hovers towards 2-1/2 week peak, good to buy on dips

  • The Norwegian Krone eased, hovering towards a 2-1/2-week trough hit in the previous session as investors continued to digest downbeat inflation figures. 
     
  • Norway's annual inflation rate declined to 1.4 percent in December from 1.6 percent in the previous month, below market expectations of 1.5 percent. 
     
  • USD/NOK trades 0.2 percent higher at 8.8928, having touched a high of 8.9127 earlier, its highest since December 24.
     
  • Momentum indicators are bullish: RSI point north, MACD supports upside and Stoch are biased higher.
     
  • Immediate resistance is located at 8.9146 (21-DMA), and close above could take it till 8.9373.
     
  • On the downside, support is around 8.8509 (5-EMA), break below could take it till 8.8307 (10-EMA).

Recommendation: Good to buy on dips around 8.8810, with stop loss at 8.8576 and target price of 8.9146

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