USDNOK Up 98 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Breaks Above 50 and 200 Day Averages

Hourly Update

(Last Updated November 11, 2021 3:14 GMT)

Currently, USDNOK’s rate is up 0.98 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 up 1440 pips (1.69%) since yesterday (opening today near 8.64826), marking the 2nd consecutive day it has gone up. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 2nd in terms of percentage change since yesterday. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK crossed above its 50 and 200 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 100 day average, which is 201.3 pips away. It should be noted, though, the 20, 100 and 200 day simple moving averages turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days.