USD/NOK Down 87 Pips in Last Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated July 29, 2022 1:37 GMT)

At the time of this writing, USDNOK’s rate is down -0.87 pips (-0.09%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDNOK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend 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)

The choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 9.73462, up 18 pips (0.02%) since the day prior. Relative to other instruments in the Forex asset class, USDNOK ranked 8th the day prior in terms of percentage price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Notably, the current price of USDNOK is sitting close to its 50 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 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. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.