(Last Updated September 8, 2021 12:14 GMT)
At the moment, USDNOK’s rate is down -0.52 pips (-0.06%) from the hour prior. This is the 2nd hour in a row USDNOK has seen its price head down. Regarding the trend, note that the strongest trend exists on the 20 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)
The choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 8.682, up 261 pips (0.3%) since the previous day. Relative to other instruments in the Forex asset class, USDNOK ranked 13th the previous day in terms of percentage price change. Here is a price chart of USDNOK.
USDNOK Technical Analysis
The first thing we should note is that USDNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 5 them.