USDNOK

(Last Updated September 21, 2020)

Hello! This is the news page for USDNOK. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:

The Trend

A trend/countertrend situation exists on USDNOK, in which an uptrend exists on shorter timeframes but a downtrend appears on the 90 day timeframe. The countertrend on the shorter timeframe may provide an opportunity to sell for those interested in playing the longer term trend.

USDNOK Moving Averages

The moving averages on USDNOK summarize its price action in an interesting way. Out of the moving averages we’re monitoring (20, 50, 100, and 200 days), all but the 20 are bearish, implying a downward trend, aside from a spike about 3 weeks prior.

The chart below illustrates.

Regarding USDNOK’s correlations over the past 7 days, it has been most correlated with EURNOK. EURNOK is the asset with which USDNOK has been most correlated with over the past two weeks as well, so this may be a recurring pattern. Alternatively, the asset least correlated with USDNOK over the past week has been NZDUSD, but over the past two weeks, ZARJPY has been the asset least correlated with USDNOK. See the chart below to observe the recent price action in USDNOK versus those of assets it hasn’t been well correlated with.

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The View From the Weekly Timeframe

At the moment, USDNOK’s rate is up 0.0545 (0.6%) from the week prior. USDNOK has seen its price go up 4 out of the past 5 weeks, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 20 week timeframe. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows USDNOK’s price action over the past year.