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Forex Market: USD/NOK daily forecast

During Friday’s trading session USD/NOK traded within the range of 5.9749-6.0172 and closed at 6.0001.

At 7:45 GMT today USD/NOK was unchanged for the day to trade at 6.0001. The pair touched a daily low at 5.9901 at 0:45 GMT.

Fundamental view

Manufacturing output in Norway, an indicator measuring the change in the total inflation-adjusted value of production by manufacturers, probably expanded 0.3% in February, according to the median estimate by experts, following a 0.4% drop in January. Annualized manufacturing output increased 2.7% in January. Manufacturing production accounts for almost 80% of total industrial production, as the latter is a dominant segment of countrys economy. In case output expanded more than projected, this would have a bullish effect on the krone. Statistics Norway will release the official figures at 9:00 GMT.

Technical view

usd-nok

According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.0199, it will probably continue up to test 6.0397. In case the second key resistance is broken, the pair will probably attempt to advance to 6.0622.

If USD/NOK manages to breach the first key support at 5.9776, it will probably continue to slide and test 5.9551. With this second key support broken, the movement to the downside will probably continue to 5.9353.

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