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FxWirePro: USD/NOK retreats from record peak, struggles to sustain gains above 9.4000 

  • The Norwegian Krone nudged higher, retreating from record lows hit earlier in the session following mixed economic data.
     
  • Norway's retail sales increased 0.50 percent in January over the previous month, while on an annualized basis it decreased 1.70 percent in January. 
     
  • USD/NOK trades 0.2 percent lower at 9.3805, having touched an all-time high of 9.4126 earlier in the session. 
     
  • Momentum indicators are bullish: RSI strong at 67, MACD supports upside and Stochs are at overbought levels.
     
  • Immediate resistance is located at 9.4167, and close above could take it till 9.4205.
     
  • On the downside, support is around 9.3558, break below could take it till 9.3403 (5-DMA). 

Recommendation: Good to sell on rallies around 9.3935, with stop loss at 9.4033 and target price of 9.3558. 

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