USDNOK Up 27 Pips Over Past Hour, 2 Day Up Streak Broken; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 10, 2021 2:14 GMT)

At the moment, USDNOK’s rate is up 0.27 pips (0.03%) from the hour prior. The hourly chart shows that USDNOK has seen 3 straight up hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 8.67257, down 356 pips (0.41%) since the day prior. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 33rd for the day in terms of price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. 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 100 day average, which is 942.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 14 and 30 day timeframes, where price is headed down. For additional context, note that price has gone down 8 out of the past 14 days.