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USD/NOK rises to multi-month highs amid USD strength

  • USD/NOK rose to a high of 11.215, its highest since late May and then settled at 11.191.
  • Nordea analysts point out that higher US yields are playing a big role in the upward movements of the pair.
  • The focus shifts to high-tier economic data from the US on Thursday and Friday.
  • The ECB decision on Thursday will also we closely watched.

On Wednesday, the USD/NOK jumped to a daily high of around 11.215, its highest since May 31, and since last Friday, the pair has increased by more than 1%. Higher US treasury yields and firm economic activity figures from its local economy benefit the US Dollar over the NOK.

In line with that, S&P Global  Manufacturing and Services PMIs from the US came in better than expected on Tuesday while the Eurozone indexes disappointed, suggesting that in the current cycle of global financial tightening, the US economy seems to be the last man standing. In addition, the 2,5 and 10-year yields are trading in multi-year highs at 5.10%,4.91 and 4.95%, respectively. Nordea analyst pointed out that rising yields are weighing on equities, which made Norwegian pension managers need to reduce FX hedges by selling NOK. They also claimed that higher energy prices and geopolitical tensions also made the Norgewian currency struggle to find demand. 

Focus now shifts to the European Central Bank (ECB) decision on Thursday, where markets are not discounting any rate hikes. Still, Christine Largarde’s press conference will be important for the economic outlook of the European continent. In the same session, the US will release Gross Domestic Product (GDP) preliminary estimates from Q3 and Personal Consumption Expenditures (PCE) figures from September on Friday.

USD/NOK Levels to watch 

With both Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) comfortably placed in positive territory on the daily chart, the USD/NOK buyers hold the upperhand. However, both indicators approached overbought conditions which could fuel a technical correction in the upcoming session as the pair rose in the last four days.

Furthermore, the pair is above the 20,100,200-day Simple Moving Average (SMAs), suggesting that the bears are struggling to challenge the overall bullish trend.


 Support levels: 11.095, 11.020, 10.945 (20-day SMA), 

 Resistance levels: 11.167, 11.215, 11.300.


USD/NOK Daily Chart

USD/NOK

Overview
Today last price 11.1877
Today Daily Change 0.0182
Today Daily Change % 0.16
Today daily open 11.1695
 
Trends
Daily SMA20 10.9236
Daily SMA50 10.7863
Daily SMA100 10.6124
Daily SMA200 10.5512
 
Levels
Previous Daily High 11.1985
Previous Daily Low 11.0206
Previous Weekly High 11.1145
Previous Weekly Low 10.9048
Previous Monthly High 10.8758
Previous Monthly Low 10.5261
Daily Fibonacci 38.2% 11.1306
Daily Fibonacci 61.8% 11.0886
Daily Pivot Point S1 11.0606
Daily Pivot Point S2 10.9516
Daily Pivot Point S3 10.8827
Daily Pivot Point R1 11.2385
Daily Pivot Point R2 11.3074
Daily Pivot Point R3 11.4164

 

 

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