• FxWirePro: USD/NOK finds support at 55-ema, intraday bias bullish

    Source: FxWire Pro - Technicals / 22 Nov 2019 05:12:17   America/New_York

    • The Norwegian Krone nudged lower, extending losses for the fifth straight session.
       
    • USD/NOK trades 0.1 percent higher at 9.1500, having touched a high of 9.2127 on Wednesday, its highest since November 4.
       
    • Momentum indicators are bullish: RSI strong at 52.64 and Stochs are biased higher.
       
    • 55-EMA is now acting as a major support level, a reversal in trend only on break below.
       
    • Immediate resistance is located at 9.1659, and close above could take it till 9.1863.
       
    • On the downside, support is around 9.1364 (20-EMA), break below could take it till 9.1173 (5-DMA).

    Recommendation: Good to buy on dips around 9.1469, with stop loss at 9.1364. and target price of 9.1659. 

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