(Last Updated July 8, 2020)
Welcome to the news page for USDNOK (USDNOK). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
A trend/countertrend situation exists on USDNOK, in which an uptrend exists on shorter timeframes but a downtrend appears on the 14 day timeframe. As such, traders with short positions should be aware of the downtrend in place on the longer timeframes.
USDNOK’s moving averages tell a multi-facted story about its trend. Of the 20, 50, 100, and 200 day averages — three of them (all but the 200) — are bearish, implying a downward trend, save for a jump that occurred about 6 months ago.
The chart below illustrates.
As for assets in the Forex asset class USDNOK has been correlated to over the past week, it has demonstrated the strongest correlation with TRYJPY. Over the past 14 days, however, the asset showing the strongest correlation to USDNOK is AUDUSD. Alternatively, CADCHF has been the asset least correlated with USDNOK — but if we observe the prior two weeks, the asset least correlated with USDNOK has been USDJPY. The chart below illustrates USDNOK against its least correlated assets.
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As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
The closest is the 20 day average, which is 1789.2 pips away.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
The closest is the 200 day average, which is 661.3 pips away.
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.