Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/NOK retreats from record peak, major support at 20-EMA 

  • The Norwegian Krone rose, drifting further away from all-time trough recorded last week despite soft industrial confidence data. 
     
  • Norway's industrial confidence indicator declined to 2.5 in the third quarter, the weakest since the March quarter 2017, from a downwardly revised 5.1 in the previous period.
     
  • USD/NOK trades 0.3 percent down at 9.1306, having touched a record high of 9.2107 on Thursday.
     
  • Momentum indicators are bearish on hourly charts - RSI is weak at 30.73, MACD support downside and Stochs are biased lower.
     
  • Immediate resistance is located at 9.1815 and a close above could take it till 9.2050.
     
  • On the downside, support is around 9.1070 (20-EMA), break below could take it till 9.0824.

Recommendation: Good to sell on rallies around 9.1513, with stop loss at 9.1815 and target price of 9.1070. 

By Lactus Fernandes
  • Market Data
Close

Welcome to EconoTimes

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