USDNOK Up 99 Pips in Last Hour, in an Uptrend Over Past 14 Days; Nears 100 Day Moving Average

Hourly Update

(Last Updated September 24, 2020 0:14 GMT)

Currently, USDNOK’s rate is up 0.99 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 is up 925 pips (1%) since the day prior (opening today near 9.341), marking the 4th straight day an increase has occurred. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 2nd in terms of percentage change since the day prior. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 6 out of the past 10 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on USDNOK, with 2 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We noticed that the pair was moving in a correction direction during the last week whose results appeared this week….I don’t expect it to move higher this week, as I believe that week highs have been set….The level I look as a bearish target is set to be Weekly R1 at 190 pips below channel limit.


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