USD/NOK Down 12 Pips On Hourly Chart, Tops All Forex; Moves Up For the 4th Consecutive Day

Hourly Update

(Last Updated September 30, 2021 21:32 GMT)

Currently, USDNOK’s rate is down -0.12 pips (-0.01%) from the hour prior. This is the 3rd straight hour USDNOK has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 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 1064 pips (1.23%) since the day prior (opening today near 8.7677), marking the 4th consecutive day it has gone up. USDNOK outperformed all 39 assets in the Forex asset class the day prior. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed above its 50 day moving average 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 50 day average, which is 28.4 pips away. It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign. 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 down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 8 out of the past 14 days.