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USD/NOK drops further, around 8.68

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The Norwegian krone is picking up pace vs. the greenback on Wednesday, dragging USD/NOK to daily lows near 8.6800.

    USD/NOK lower on oil gains, USD

    The generalized selling mood keeps hitting the US dollar and collaborating with the correction lower in the cross, which is at the same time snapping a positive 3-session streak including fresh tops near 8.85, levels last traded in April 2002.

    In addition, today’s recovery of crude oil prices are giving some extra oxygen to NOK, adding to the downside.

    USD/NOK relevant levels

    At the moment the cross is retreating 1.05% at 8.6809 with the next support at 8.4784 (55-day sma) followed by 8.4524 (low Dec.4) and then 8.3667 (100-day sma). On the other hand, a surpass of 8.8311 (13-year high Dec.8) would expose 8.9181 (monthly high Mar.2002).
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