USDNOK Down 14 Pips Over Past Hour, Tops All Forex; Breaks Above 20 Day Average

Hourly Update

(Last Updated October 16, 2020 3:15 GMT)

At the moment, USDNOK’s rate is down -0.14 pips (-0.01%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 is up 983 pips (1.06%) since the day prior (opening today near 9.33591), marking the 4th consecutive day it has gone up. USDNOK outperformed all 40 assets in the Forex asset class the day prior. Below 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 20 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 20 day average, which is 290.7 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone down 9 them.