Forex Market: USD/NOK daily outlook

During yesterday’s trading session USD/NOK traded within the range of 6.0000-6.0717 and closed at 6.0210.

At 9:14 GMT today USD/NOK was gaining 0.12% for the day to trade at 6.0259. The pair touched a daily high at 6.0337 at 9:00 GMT.

Fundamental view

Home values in 20 large cities throughout the United States probably rose at an annualized rate of 13.34% during January, preliminary estimates showed. In December home prices climbed at a rate of 13.42%. S&P/Case-Shiller will release the official rate at 13:00 GMT.

Confidence among US consumers probably improved in March. The corresponding index probably rose to a reading of 78.6 from 78.1 in February. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.

Also at 14:00 GMT United States Census Bureau is to announce the results from the Survey of Construction, regarding sales of new, privately-owned residential buildings currently authorized by a building permit or started in areas not requiring a building permit in February. New home sales in the country probably dropped to 0.445 million last month from 0.468 million during January.

Technical view

According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.0619, it will probably continue up to test 6.1026. In case the second key resistance is broken, the pair will probably attempt to advance to 6.1335.

If USD/NOK manages to breach the first key support at 5.9902, it will probably continue to slide and test 5.9592. With this second key support broken, the movement to the downside will probably continue to 5.9184.