During Friday’s trading session USD/NOK traded within the range of 5.9844-6.0260 and closed at 6.0069.
At 7:17 GMT today USD/NOK was gaining 0.04% for the day to trade at 6.0092. The pair touched a daily high at 6.0136 at 6:55 GMT.
Fundamental view
Norways retail sales report for February is due out at 8:00 GMT. Monthly retail sales probably rose 0.4% last month, after another 0.1% increase in January. Annualized retail sales rose 0.1% in January. This indicator includes also sales of motor vehicles (plus motorcycles), fuel, sales of office equipment, appliances, dyes, wood etc., in case the latter are offered directly to end users. It provides key information regarding consumer spending in the country, which makes up the consumption part of the GDP.
Meanwhile, the monthly business activity survey for the area of Chicago may show that the corresponding PMI slowed down to a reading of 58.5 during March from 59.8 in February. Higher than anticipated readings would provide support to the US dollar.
Technical view
According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.0270, it will probably continue up to test 6.0474. In case the second key resistance is broken, the pair will probably attempt to advance to 6.0687.
If USD/NOK manages to breach the first key support at 5.9856, it will probably continue to slide and test 5.9642. With this second key support broken, the movement to the downside will probably continue to 5.9439.
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