Forex Market: USD/NOK daily forecast

During yesterday’s trading session USD/NOK traded within the range of 6.1073-6.1495 and closed at 6.1341.

At 6:18 GMT today USD/NOK was gaining 0.04% for the day to trade at 6.1340. The pair touched a daily high at 6.1358 at 6:00 GMT.

Fundamental view

United States

The initial jobless claims in the US probably fell to 311 000 in the week ended June 21st, from 312 000 a week ago, according to the median estimate by experts.

The statistical arm of the US Department of Labor will release an official report at 12:30 GMT today. If jobless claims fall more than expected, this will provide support for the US dollar.

In addition, personal income in the US probably rose 0.4% in May, according to the median analysts’ estimate. At the same time, personal spending probably increased 0.4% last month, following an unexpected 0.1% drop in April.

The official report is due out at 12:30 GMT. In case, both indicators register a larger-than-expected gain, this would boost greenback’s demand.

Norway

The rate of unemployment in Norway probably came in at 3.4% during the three months through May, according to the median forecast by experts. Lower than expected unemployment would certainly provide a boost to Norwegian krone. Statistics Norway will release the official rate at 9:00 GMT.

Technical view

According to Binary Tribune’s daily analysis, in case USD/NOK manages to breach the first resistance level at 6.1534, it will probably continue up to test 6.1725. In case the second key resistance is broken, the pair will probably attempt to advance to 6.1955.

If USD/NOK manages to breach the first key support at 6.1110, it will probably continue to slide and test 6.0881. With this second key support broken, the movement to the downside will probably continue to 6.0689.