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FxWirePro: USD/NOK rallies to 2-week peak, good to buy on dips

  • The Norwegian Krone slumped to a 2-week trough as the dust settled on gross domestic product growth figures.
     
  • USD/NOK trades 0.7 percent up at 9.2201, having touched a high of 9.2265 earlier, its highest since October 30.
     
  • Momentum indicators are bullish: RSI strong at 59.65 and Stochs are biased higher. 
     
  • Immediate resistance is located at 9.2348 and a close above could take it till 9.2599.
     
  • On the downside, support is around 9.1424, break below could take it till 9.1271.

Recommendation: Good to buy on dips around 9.1749, with stop loss at 9.1424, and target price of 9.2348.

By Lactus Fernandes
  • Market Data
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