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FxWirePro: USD/NOK near 2-week high on weak Norway Industrial Confidence, good to buy on dips
The Norwegian Krone plunged to 2-week low, following the release of weaker-than-expected Norway Industrial Confidence figures.
Norway's Q2 industrial confidence eased to 5.6 after rising to a revised reading of 6.8 in Q1.
USD/NOK currently trades 0.5 percent up at 8.6518, having recorded a high of 8.6550 earlier, its highest since July 9
The pair has broken major trend line resistance at 8.6214 (trendline joining 8.7594 and 8.6759)
Technical indicators support upside: RSI strong at 57.09, MACD supports uptrend, Stochs are biased higher but overbought.
Immediate resistance is around 8.6759 (July 9 High), close above could take it near 8.7594 (June 18 High).
On the lower side, 8.6042 (38.2% retracement of 8.5226 and 8.6550) is acting as next immediate support and any break below could take it till 8.5710 (200-DMA).
Recommendation: Good to go buy on dips at 8.6238, with stop loss at 8.5794 (21-EMA) and target price of 8.7594.
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