(Last Updated January 8, 2021 3:16 GMT)
At the moment, USDNOK’s rate is up 0.72 pips (0.09%) from the hour prior. This is the 2nd straight hour USDNOK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 8.4222, is up 177 pips 0.21% since yesterday, marking a reversal from the day prior — and the end of a 3 day negative run. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 20th for the day in terms of price change. Below is a price chart of USDNOK.
USDNOK Technical Analysis
The first thing we should note is that the current price of USDNOK is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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. For additional context, note that price has gone down 18 out of the past 30 days.