USDNOK Up 157 Pips Over Past Hour, 3 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 8, 2020 15:13 GMT)

At the moment, USDNOK’s rate is up 1.57 pips (0.17%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 8 of the past 10 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK, which opened today priced near 8.89394, is down 90 pips 0.1% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 22nd for the day in terms of price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20 and 50 day averages, located at 8.8909 and 9.1151 respectively, and thus may be at a key juncture along those timeframes. 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 30.4 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 16 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 0 sell signals and 1 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com that we thought you might enjoy.


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