Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/NOK plunges to 1-week trough below 21-DMA, intraday bias bearish

  • The Norwegian Krone rallied to an over 1-week peak, as the greenback tumbled across the board. 
     
  • The Federal Reserve has led the global monetary policy response to the coronavirus pandemic by cutting interest rates to zero and aggressively buying bonds and corporate credit.
     
  • The Norwegian currency also strengthened after data showed Norway's retail trade increased by 1.3 percent year-on-year in March, slowing from a 2.0 percent gain in the previous month.
     
  • USD/NOK trades 1.1 percent down at 10.53858, having touched a high of 10.8059 on Thursday, its highest March 25. 
     
  • Immediate resistance is located at 10.5760, and close above could take it till 10.6370.
     
  • On the downside, support is around 10.3596, break below could take it till 10.3153.
  • Market Data
Close

Welcome to EconoTimes

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