USD/NOK Down 55 Pips Over Past Hour, Outperforms All Forex; Breaks Above 20 and 50 Day Averages

Hourly Update

(Last Updated September 14, 2022 1:36 GMT)

Currently, USDNOK’s rate is down -0.55 pips (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend 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)

USDNOK entered today at 10.1011, up 2648 pips (2.69%) from the previous day. USDNOK outperformed all 39 assets in the Forex asset class the previous day. Congrats to its holders! The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed above its 20 and 50 day moving averages 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 50 day average, which is 2351.8 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone up 7 them.