(Last Updated September 17, 2021 1:14 GMT)
At the moment, USDNOK’s rate is up 0.09 pips (0.01%) from the hour prior. The hourly chart shows that USDNOK has seen 2 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 8.56672, down 759 pips 0.88% from the day prior. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 38th for the day in terms of price change. The price chart of USDNOK below illustrates.
USDNOK Technical Analysis
Notably, USDNOK crossed below its 100 day moving average yesterday. 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 133.6 pips away. Volatility for USDNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone down 8 out of the past 14 days.