USD/NOK Down 138 Pips in Last Hour; Came Into Today Down For the 2nd Consecutive Day

Hourly Update

(Last Updated November 24, 2022 1:38 GMT)

At the time of this writing, USDNOK’s rate is down -1.38 pips (-0.14%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDNOK. Given that we see downtrend on the 20 and 10 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 is down 1706 pips (1.69%) since yesterday (opening today near 9.93157), marking the 2nd consecutive day it has gone down. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 38th in terms of percentage change since yesterday. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 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 2073.5 pips away. It should be noted, though, the 50 and 100 day simple moving averages turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone up 16 them.