USDNOK Down 5 Pips On Hourly Chart, Price Base in Formation Over Past 30 Days; Eyes 50 Day Average

Hourly Update

(Last Updated September 16, 2020 23:14 GMT)

At the moment, USDNOK’s rate is down -0.05 pips (-0.01%) from the hour prior. The hourly chart shows that USDNOK has seen 2 straight down hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. 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)

USDNOK entered today at 9.0287, up 42 pips (0.05%) from the previous day. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that the current price of USDNOK is sitting close to its 20 and 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 up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. 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. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 6 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!


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