(Last Updated January 4, 2021 2:15 GMT)
At the moment, USDNOK’s rate is up 1.53 pips (0.18%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
USDNOK End of Day Recap
Updated 00:30 GMT (04:30 EST)
After 5 down days, USDNOK snaps its streak, rising 498 pips (0.58%) over the past day to close at an exchange rate of 8.58347. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 4th in terms of percentage change since the day prior. Below is a price chart of USDNOK.
USDNOK Technical Analysis
Coming into today the current price of USDNOK is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 18 them.