USD/NOK Down 66 Pips Over Past Hour, Came Into Today Down For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated July 19, 2022 1:36 GMT)

At the moment, USDNOK’s rate is down -0.66 pips (-0.07%) 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 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. 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 660 pips (0.65%) since the previous day (opening today near 10.0935), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 37th in terms of percentage change since the previous day. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20 day averages, located at 10.0088 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 5 them.