USDNOK Up 12 Pips Over Past Hour, Moves Down For the 3rd Day In A Row; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated October 15, 2021 23:14 GMT)

Currently, USDNOK’s rate is up 0.12 pips (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 367 pips (0.43%) since yesterday (opening today near 8.45067), marking the 3rd day in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USDNOK ranked 27th yesterday in terms of percentage price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 20, 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 200 day average, which is 1003.9 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone down 8 out of the past 10 days.