USDNOK Down 6 Pips On Hourly Chart; is Inching Close to 50 Day Average

Hourly Update

(Last Updated September 15, 2020 23:14 GMT)

At the time of this writing, USDNOK’s rate is down -0.06 pips (-0.01%) from the hour prior. The hourly chart shows that USDNOK has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 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. Of note is that the 100 and 20 hour changed directions on USDNOK; they are now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 back and forth price flow continues for USDNOK, which started today off at 9.02517, down 398 pips 0.44% from the day prior. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 36th in terms of percentage change since the day prior. Below is a price chart of USDNOK.


USDNOK Technical Analysis

Notably, USDNOK is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 16 out of the past 30 days.

Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram