(Last Updated February 19, 2021 23:16 GMT)
At the moment, USDNOK’s rate is down -0.48 pips (-0.06%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 200 hour changed directions on USDNOK; it is now pointing down. 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 choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 8.46323, down 318 pips (0.37%) since the previous day. Those trading within the Forex asset class should know that USDNOK was the worst performer in the class. Below is a price chart of USDNOK.
USDNOK Technical Analysis
Coming into today USDNOK is now close to its 20 and 50 day averages, located at 8.521 and 8.5557 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone down 6 them.