Forex Market: USD/NOK daily forecast

During yesterday’s trading session USD/NOK traded within the range of 6.0894-6.1239 and closed at 6.1117.

At 6:22 GMT today USD/NOK was losing 0.01% for the day to trade at 6.1132. The pair touched a daily low at 6.1073 at 5:00 GMT.

Fundamental view

Durable goods orders in the US probably dropped 0.2% in May, following a 0.6% gain in the previous month that was lower than initially estimated.

Durable goods are new or second hand goods that usually last for a period of over 3 years. Wholesalers sell durable goods such as motor vehicles, furniture, construction materials, machinery and equipment (including household appliances), metals and minerals (except petroleum), sporting goods, toys and goods for leisure activities, renewable materials and spare parts.

Durable Goods Orders excluding Transport probably rose 0.3% in May, after a 0.4% increase in the previous month, according to the median analysts’ estimate.

The US Census Bureau is scheduled to publish an official report at 12:30 GMT. In case, durable goods orders rose more than expected, the greenback’s demand will certainly be supported.

In addition, United States’ final annualized Gross Domestic Product probably shrank 1.8% during the first quarter of 2014, following a 1% drop, announced on May 29.

This is the widest indicator for nation’s economic activity. A lower than expected decline in the GDP figure would boost demand for the US dollar. The official result is to be released at 12:30 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.1272, it will probably continue up to test 6.1428. In case the second key resistance is broken, the pair will probably attempt to advance to 6.1618.

If USD/NOK manages to breach the first key support at 6.0930, it will probably continue to slide and test 6.0738. With this second key support broken, the movement to the downside will probably continue to 6.0583.