USDNOK Down 121 Pips Over Past Hour, 3 Day Down Streak Ended; Eyes 100 and 200 Day Averages

Hourly Update

(Last Updated September 30, 2021 2:14 GMT)

At the moment, USDNOK’s rate is down -1.21 pips (-0.14%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDNOK. 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. 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, which opened today priced near 8.5916, is up 200 pips 0.23% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 8th in terms of percentage change since yesterday. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 273.4 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. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. 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 5 out of the past 10 days.