USDNOK Up 360 Pips in Last Hour, Moves Down For the 2nd Day In A Row; Crosses 200 Day Moving Average

Hourly Update

(Last Updated October 12, 2021 0:14 GMT)

Currently, USDNOK’s rate is up 3.6 pips (0.42%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji 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)

USDNOK is down 322 pips (0.38%) since yesterday (opening today near 8.541), marking the 2nd day in a row a decline has happened. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 33rd for the day in terms of price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed below its 200 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 89.2 pips away. It should be noted, though, the 200 day simple moving average turned downwards, which may be a bearish sign. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone down 9 them.