Forex Market: USD/NOK daily outlook

During yesterday’s trading session USD/NOK traded within the range of 5.9787-6.0182 and closed at 5.9860.

At 6:32 GMT today USD/NOK was losing 0.03% for the day to trade at 5.9859. The pair touched a daily low at 5.9781 at 6:30 GMT.

Fundamental view

Norways manufacturing Purchasing Managers Index (PMI) probably climbed to 51.7 during March from a reading of 51.0 in February. Values above the key level of 50.0 are indicative of expansion in the sector. Higher than projected values would support Norwegian krone. Statistics Norway will release the official reading at 8:00 GMT.

At 14:45 GMT Markit Economics will announce the final reading of its manufacturing PMI for the United States. The index probably improved to 56.3 last month, while the preliminary value was at 55.5. This final data usually comes out one week after the release of the preliminary result.

At 15:00 GMT the Institute for Supply Management (ISM) is to report on manufacturing activity in the country. According to experts estimates, the gauge of manufacturing probably increased to 54.0 in March from 53.2 in February. Values above 50.0 signify increased activity. In case market expectations are exceeded, the US dollar will receive support.

Technical view

According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.0098, it will probably continue up to test 6.0338. In case the second key resistance is broken, the pair will probably attempt to advance to 6.0494.

If USD/NOK manages to breach the first key support at 5.9702, it will probably continue to slide and test 5.9548. With this second key support broken, the movement to the downside will probably continue to 5.9309.