(Last Updated October 13, 2020 2:15 GMT)
At the moment, USDNOK’s rate is up 3.35 pips (0.37%) from the hour prior. This is the 3rd 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 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 20 hour moving average, resulting in them so that price is now turning above it. 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)
After 3 down days, USDNOK snaps its streak, rising 64 pips (0.07%) over the past day to close at an exchange rate of 9.1329. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 14th in terms of percentage change since yesterday. The price chart of USDNOK below illustrates.
USDNOK Technical Analysis
Notably, USDNOK is now close to its 20, 50 and 100 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 50 day average, which is 643.4 pips away. 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 15 out of the past 30 days.