- Norway’s Krone fell to one month low against Dollar on account weaker crude oil prices/NOK has made a high of 8.524 and is currently trading at 8.50.
- The Korne has been more correlated with crude during past twelve months compared to Canadian dollar, Mexican peso or Brazilian Real.
- Short trend of Pair is bullish as long as minor 8.420 hold. Any break below targets 8.350/8.3200.
- Overall bullish invalidation only below 8.2900.
- On the higher side minor resistance is around 8.53 and break above will take the pair till 8.575/8.620
It is good to buy at dips around 8.470 with SL around 8.420 for the TP of 8.57/8.62
The material has been provided by InstaForex Company – www.instaforex.com