USD/NOK Down 19 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated August 2, 2022 1:36 GMT)

At the moment, USDNOK’s rate is down -0.19 pips (-0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see downtrend 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 is down 254 pips (0.26%) since the day prior (opening today near 9.63241), marking the 2nd straight day a decline has happened. Relative to other instruments in the Forex asset class, USDNOK ranked 27th the day prior in terms of percentage price change. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 50 and 100 day averages, located at 9.8172 and 9.4588 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 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 down 16 them.