USD/NOK Up 83 Pips On Hourly Chart; 3 Day Down Streak Ended
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
USDNOK
(Last Updated November 26, 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:
The Trend
A trend/countertrend situation exists on USDNOK, in which a downtrend exists on shorter timeframes but an uptrend appears on the 90 day timeframe. As such, traders with short positions should be aware of the uptrend in place on the longer timeframes.
USDNOK Moving Averages
The moving averages on USDNOK indicate a trend that is clearly bearish.
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 structural correlation in the market. Alternatively, AUDCAD has been the asset least correlated with USDNOK — but over the past two weeks, the asset least correlated with USDNOK has been TRYJPY. 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 time of this writing, USDNOK’s rate is down -0.1784 (-1.98%) from the week prior. USDNOK has seen its price go down 4 out of the past 5 weeks, thus creating some compelling opportunities for bears. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 5, 10 and 20 week timeframes. 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. USDNOK’s weekly price action over the past 52 weeks can be seen via the chart below.
USDNOK: The Monthly View
Clearest trend on the monthly is apparent at the 60 month timeframe.
USD/NOK Down 11 Pips in Last Hour; Moves Down For the 3rd Straight Day
Compared to its peers in the forex, usdnok gave its buyers a return that ranked 39th in terms of percentage change since the day prior.
USD/NOK Up 65 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Came Into Today Down For the 2nd Day In A Row
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
USD/NOK Down 88 Pips in Last Hour; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
USDNOK Down 237 Pips On Hourly Chart, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone down 10 out of the past 14 days.
USDNOK Down 65 Pips On Hourly Chart, 2 Day Down Streak Ended; Pin Bar Pattern Appearing on Chart
Compared to its peers in the forex, usdnok gave its buyers a return that ranked 22nd in terms of percentage change since the previous day.
USDNOK Down 112 Pips Over Past Hour, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
Relative to other instruments in the forex asset class, usdnok ranked 31st yesterday in terms of percentage price change.
USDNOK Up 150 Pips in Last Hour; in a Downtrend Over Past 14 Days
The closest is the 100 day average, which is 1383.7 pips away.
USDNOK Up 77 Pips On Hourly Chart, 2 Day Down Streak Ended; in a Downtrend Over Past 14 Days
It’s been a feast for bulls operating on an hourly timeframe, as usdnok has now gone up 4 of the past 5 hours.
USDNOK Up 49 Pips in Last Hour, Came Into Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
The closest is the 100 day average, which is 1211.2 pips away.