USDNOK Up 12 Pips in Last Hour, Moves Up For the 3rd Straight Day; Crosses 100 Day Moving Average

Hourly Update

(Last Updated November 12, 2021 5:14 GMT)

At the moment, USDNOK’s rate is up 0.12 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

USDNOK is up 294 pips (0.34%) since yesterday (opening today near 8.67766), marking the 3rd straight day it has gone up. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 7th for the day in terms of price change. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed above its 100 day moving average yesterday. 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 100 day average, which is 75.1 pips away. It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Also of note is that on a 30 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 up 6 out of the past 10 days.