USD/NOK Down 458 Pips On Hourly Chart, Fares the Worst Out of Forex; But Still in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 12, 2022 1:37 GMT)

Currently, USDNOK’s rate is down -4.58 pips (-0.46%) from the hour prior. USDNOK has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 9.9094, down 1374 pips 1.37% from the day prior. It may be worth observing that USDNOK was the worst performer of the 39 members in the Forex asset class over the past day. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20, 50 and 100 day averages, located at 9.8369, 9.8645 and 9.7511 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 50 day average, which is 448.8 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 5 them.