USDNOK Down 61 Pips in Last Hour, in a Downtrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated January 5, 2021 2:16 GMT)

At the moment, USDNOK’s rate is down -0.61 pips (-0.07%) 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 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)

The choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 8.54991, down 336 pips (0.39%) since the previous day. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 28th for the day in terms of price change. Let’s take a look at price chart of USDNOK.

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. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 18 them. Also, candlestick traders! Note we see doji and pin bar patterns appearing here as well.