USDNOK Down 18 Pips in Last Hour, Outperforms All Forex; But Still in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated October 14, 2020 2:15 GMT)

Currently, USDNOK’s rate is down -0.18 pips (-0.02%) from the hour prior. This is the 2nd straight hour USDNOK has seen its price head down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 910 pips (1%) since the previous day (opening today near 9.2239), marking the 2nd consecutive day an upward move has occurred. USDNOK outperformed all 40 assets in the Forex asset class the previous day. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Notably, the current price of USDNOK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 167.9 pips away. 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. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. For additional context, note that price has gone down 10 out of the past 14 days.