FxNews—In the third quarter of 2024, Norway’s industrial confidence level dropped to 1.5, down from a revised figure of 3.5 in the prior quarter. This score is also lower than the long-term average of 2.9.
Industry leaders noted that orders for intermediate and consumer goods remained the same, whereas orders for capital goods—items used to produce other goods—continued to increase.
Norway Sees Price Hike in Goods and Boost in Employment
The prices of all types of goods increased noticeably. This was most evident among producers of consumer and intermediate goods, who saw significant rises in their costs.
Employment numbers went up this quarter. This growth was mainly in companies that produce capital goods.
Looking forward to the last quarter of 2024, the mood among producers across all goods types is upbeat, especially among those making capital goods.
USDNOK Technical Analysis – 18-October-2024
The Norwegian Krone began erasing recent losses against the U.S. dollar in today’s trading session. As of this writing, the USD/NOK price dipped below the September 11 high at 10.9, trading at approximately 10.85.
The current downtick momentum was expected since the RSI 14 and the Stochastic Oscillator were in overbought territory, interpreted as the U.S. Dollar being overpriced.
Furthermore, the Awesome Oscillator bars turned green as they approached the signal line from above, backed by the Boom and Crash Gold Miner red histogram, which also interprets as a bear market gaining momentum.
Additionally, the USD/NOK daily chart formed a bearish Gartley pattern, a signal that the market could reverse or consolidate.
Overall, while the primary trend is bullish because the USD/NOK price is above the 100-period simple moving average, the harmonic pattern and the momentum indicators incline that the current downtick momentum will likely resume.
USDNOK Forecast – 18-October-2024
The primary resistance level backing today’s downtick momentum is 10.9, the September 11 high. The bearish momentum from 10.96 will likely extend to 10.8, a supply area backed by the 50-period simple moving average and the ascending trendline.
Furthermore, if the selling pressure increases and the price falls below 10.8, the next bearish target could be 10.37, the September 4 high.
USDNOK Bullish Scenario
The immediate support is at 10.9. From a technical standpoint, the primary trend (bullish) will likely resume if USD/NOK returns above 10.9. If this scenario unfolds, the bull’s path to the next barrier at 11.13, the July 2024 all-time high.
USDNOK Support and Resistance Levels – 18-October-2024
Traders and investors should closely monitor the key levels below to make informed decisions and adjust their strategies accordingly as market conditions shift.
- Support: 10.8 / 10.73 / 10.57
- Resistance: 10.9 / 10.96 / 11.13