USD/NOK Up 13 Pips in Last Hour, 3 Day Up Streak Broken; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 22, 2021 1:47 GMT)

At the time of this writing, USDNOK’s rate is up 0.13 pips (0.01%) from the hour prior. USDNOK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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)

A moment of silence, please, for the end of USDNOK’s 3 day up streak; price ended yesterday down 340 pips (-0.39%) to finish the day at a rate of 8.67638. Relative to other instruments in the Forex asset class, USDNOK ranked 27th yesterday in terms of percentage price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK crossed below 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 61.9 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Volatility for USDNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Also of note is that on a 14 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 7 out of the past 14 days.