USDNOK Up 9 Pips On Hourly Chart, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated January 14, 2021 2:16 GMT)

At the moment, USDNOK’s rate is up 0.09 pips (0.01%) from the hour prior. USDNOK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 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)

The back and forth price flow continues for USDNOK, which started today off at 8.463, up 169 pips 0.2% from the day prior. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 10th in terms of percentage change since the day prior. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20 day averages, located at 8.5583 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. For additional context, note that price has gone down 10 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.