USD/NOK Down 86 Pips in Last Hour, 3 Day Up Streak Snapped; is Inching Close to 50 Day Average

Hourly Update

(Last Updated November 2, 2022 1:37 GMT)

At the moment, USDNOK’s rate is down -0.86 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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)

After 3 up days, USDNOK snaps its streak, falling 351 pips (-0.34%) over the past day to close at an exchange rate of 10.35056. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 29th for the day in terms of price change. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20 and 50 day averages, located at 10.5332 and 10.3297 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone up 7 out of the past 14 days.