FxWirePro: USD/NOK rebounds from 1-week low, struggles to break above 200-DMA
Wednesday, September 30, 2020 11:57 AM UTC
- The Norwegian Krone declined, retreating from a 1-week peak hit earlier in the session as the dollar surged across the board.
- The dollar index bounced back from a 1-week low, boosted by the progress made around a U.S. fiscal stimulus packaged to cushion the coronavirus blow and data showing U.S. consumer confidence rebounded more than expected in September as households’ views of the labour market improved.
- USD/NOK trades 0.7 percent higher at 9.4823, having touched a high of 9.6158 on Friday, its highest since July 1.
- The pair slumped below the 9.4000 hadle earlier in the day but retraced to trade higher.
- Immediate resistance is located at 9.5223 (200-DMA), close above could take it till 9.5584.
- On the downside, support is around 9.3591, break below could take it till 9.3121 (10-DMA).