USD/NOK: Pair Moved Lower
IronFX Strategy Team | Dec 05, 2013 12:52AM ET
USD/NOK
The dollar was mixed against the other G10 currencies during the European morning. The major losers were the commodity currencies the NOK, AUD and NZD with the former recording the biggest losses. Today the Norges Bank kept its deposit rate unchanged at 1.50% as expected. The krona fell on the bank’s dovish statement that it is not considering a rate hike until Q4 2015. In September the bank said it would start raising rates in Q4 2014. AUD continued its decline after the nation’s trade deficit widened more than expected. This morning’s winner was JPY which strengthened for a third day against USD as Asian stocks fell, boosting demand for the relative safety of the currency.
The USD/NOK escaped from its sideways path during yesterday’s activity. Today, during the European morning, the pair moved lower and after giving a successful test to the upper boundary of the trading range, surged, breaking above the 6.1597 barrier. At the time of writing the rate is trading slightly below the 6.1842 (R1) resistance level. An upward penetration of that level may signal extensions towards the next hurdle at 6.2095 (R2), near the 200% extension level of the range’s width.
Support: 6.1597 (S1), 6.1313 (S2), 6.1120 (S3)
Resistance: 6.1842 (R1), 6.2095 (R2), 6.2440 (R3)
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