USD/NOK Down 260 Pips On Hourly Chart, Eyes 100 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 5, 2020 16:22 GMT)

At the time of this writing, USDNOK’s rate is down -0.026 (-0.28%) from the hour prior. This is the 2nd hour in a row USDNOK has seen its price head down. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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)

USDNOK is down 27 pips (0.03%) since the day prior (opening today near 9.28802), marking the 5th day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 19th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20 and 100 day averages, located at 9.211 and 9.2921 respectively, and thus may be at a key juncture along those timeframes. 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 100 day average, which is 41.2 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 1 sell signals and 3 buy signals. This imputes a buy/sell ratio of 3, which is bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Take a look at the daily chart too. After the massive bear trend, since Sep we have been mostly bullish. https://www.tradingview.com/x/nB80LdEX/As the H4 chart shows, a retracement to 38.2% was completed and I expect the bull trend to resume. The recent high at about 9.61 should be the 1st target, with a review of price action to determine the next possible steps.If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications. As always, please use sound money and risk management in all your trades.