USDNOK Up 243 Pips Over Past Hour, Moves Down For the 6th Day In A Row; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated October 6, 2020 15:14 GMT)

At the moment, USDNOK’s rate is up 2.43 pips (0.26%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 8 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on USDNOK; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK is down 829 pips (0.89%) since yesterday (opening today near 9.20515), marking the 6th day in a row it has gone down. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 39th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed below its 20 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 20 day average, which is 203.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone down 7 out of the past 10 days.

The View From Around the Web

Not much commentary on USDNOK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com that we thought you might enjoy.