(Last Updated November 5, 2021 23:14 GMT)
Currently, USDNOK’s rate is down -1.43 pips (-0.17%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
The back and forth price flow continues for USDNOK, which started today off at 8.49339, down 317 pips 0.37% from the day prior. Relative to other instruments in the Forex asset class, USDNOK ranked 36th the day prior in terms of percentage price change. The price chart of USDNOK below illustrates.
USDNOK Technical Analysis
Notably, USDNOK is now close to its 20, 50, 100 and 200 day averages, located at 8.4364, 8.5694, 8.6693 and 8.5432 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 200 day average, which is 498 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 19 out of the past 30 days.