USD/NOK Down 110 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; Crosses 20 and 50 Day Moving Averages

Hourly Update

(Last Updated September 13, 2022 1:38 GMT)

Currently, USDNOK’s rate is down -1.1 pips (-0.11%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDNOK has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 down 731 pips (0.74%) since the day prior (opening today near 9.83629), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDNOK ranked 37th the day prior in terms of percentage price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed below its 20 and 50 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 68.4 pips away. It should be noted, though, the 50 day simple moving average 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. For additional context, note that price has gone down 8 out of the past 14 days.