- The Norwegian Krone eased, drifting towards a 3-week trough hit in the previous session ahead of December balance of trade figures due tomorrow.
- Norway's trade surplus decreased to NOK 18.8 billion in November from NOK 22.0 billion in the same month a year earlier.
- USD/NOK trades 0.1 percent higher at 8.9025, having touched a high of 8.9173 on Monday, its highest since December 24.
- Momentum indicators are bullish on hourly charts: RSI strong at 58.62, MACD supports upside and Stoch are biased higher.
- Immediate resistance is located at 8.9142, and close above could take it till 8.9373.
- On the downside, support is around 8.8667 (5-EMA), break below could take it till 8.8370 (10-EMA).
Recommendation: Good to buy on dips around 8.8955, with stop loss at 8.8667 and target price of 8.9373.