USDNOK trading 0.28% higher at 9.1487 ahead of the inflation rate data release in about an hour, with analysts consensus forecasts at 1.8%. The Norges Bank kept its interest rate at 1.5% in its October policy meeting, as widely expected bu markets, after a 25 basis points hike in September. Markets expect that Norges Bank will keep rates unchanged at the December meeting.
USDNOK momentum is bullish as the pair is trading above all daily major moving averages. The pair has tested the 50-day moving average the last trading sessions and rebounded while the pair is moving inside the ascending channel that started back in July. On the upside first resistance stands at 9.1554 the daily high, a break above will meet selling pressure at 9.20 the high from November 6th. Breach of that level might refuel the bulls and target the yearly high at 9.3057.
On the downside, immediate support stands at 9.1232 while next strong support stands at the 50-day moving average at 9.0880. A break below that level might pave the way for a move down to the 100-day moving average at 8.9290.More content