USDNOK Up 34 Pips Over Past Hour, Entered Today Down For the 2nd Consecutive Day; Breaks Below 20 and 100 Day Averages

Hourly Update

(Last Updated October 9, 2020 2:15 GMT)

At the moment, USDNOK’s rate is up 0.34 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK is down 441 pips (0.47%) since yesterday (opening today near 9.2473), marking the 2nd consecutive day a decrease has occurred. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK crossed below its 20 and 100 day moving averages yesterday. 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 129.7 pips away. Volatility for USDNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone down 8 them.