Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/NOK hovers towards record high, intraday bias bullish

  • The Norwegian Krone plunged, hovering towards a time low recorded in the prior session. 
     
  • The Norwegian currency attempted a minor recovery earlier in the day but failed to sustain gains.
     
  • USD/NOK trades 0.1 percent higher at 9.3694, having touched a record high of 9.3901 on Monday.
     
  • Momentum indicators are bullish: RSI strong at 67, MACD supports upside and Stochs are biased higher.
     
  • Immediate resistance is located at 9.3821, and close above could take it till 9.3900.
     
  • On the downside, support is around 9.3086 (5-DMA), break below could take it till 9.2966 (7-EMA).

Recommendation: Good to buy on dips around 9.3560, with stop loss at 9.3471, and target price of 9.3821. 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.