USDNOK Up 105 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 23, 2020 0:14 GMT)

At the moment, USDNOK’s rate is up 1.05 pips (0.11%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDNOK has now gone down 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK is up 1689 pips (1.86%) since the previous day (opening today near 9.2485), marking the 3rd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 2nd for the day in terms of price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Coming into today the current price of USDNOK is sitting close to its 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 90 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 14 and 30 day timeframes. For additional context, note that price has gone up 6 out of the past 10 days.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram