During Friday’s trading session USD/NOK traded within the range of 6.1812-6.2186 and closed at 6.1903.
At 6:14 GMT today USD/NOK was gaining 0.01% for the day to trade at 6.1904. The pair touched a daily high at 6.1949 at 2:20 GMT.
Fundamental view
Manufacturing output in Norway, an indicator measuring the change in the total inflation-adjusted value of production by manufacturers, probably shrank 0.7% in May, according to the median estimate by experts, following a flat performance in April. Annualized manufacturing output increased 1.8% in April. Manufacturing production accounts for almost 80% of total industrial production, as the latter is a dominant segment of country’s 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 8:00 GMT.
Technical view
According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.2123, it will probably continue up to test 6.2341. In case the second key resistance is broken, the pair will probably attempt to advance to 6.2496.
If USD/NOK manages to breach the first key support at 6.1747, it will probably continue to slide and test 6.1593. With this second key support broken, the movement to the downside will probably continue to 6.1374.
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