- 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