Forex Market: USD/NOK daily outlook

During yesterday’s trading session USD/NOK traded within the range of 5.9886-6.0724 and closed at 6.0022.

At 7:47 GMT today USD/NOK was gaining 0.01% for the day to trade at 6.0012. The pair touched a daily high at 6.0069 at 6:35 GMT.

Fundamental view

The rate of unemployment in Norway probably remained unchanged at 2.9% in March, according to the median forecast by experts. If the rate is lower than projected, this would provide a boost to Norwegian krone. The official report is to be published at 9:00 GMT.

Meanwhile, personal income in the United States probably increased at a monthly pace of 0.3% during February, or at the same pace as a month ago. Personal spending probably rose 0.3% as well last month, following another 0.4% increase in January. The official data is expected at 12:30 GMT.

At 13:55 GMT Thomson Reuters in cooperation with the University of Michigan will probably report that the final reading of their gauge of consumer confidence (based on 100% of results in the survey) probably was 80.5 this month, as the preliminary reading was announced at 79.9 on March 14th.

Technical view

According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.0536, it will probably continue up to test 6.1049. In case the second key resistance is broken, the pair will probably attempt to advance to 6.1373.

If USD/NOK manages to breach the first key support at 5.9697, it will probably continue to slide and test 5.9373. With this second key support broken, the movement to the downside will probably continue to 5.8859.