USD/NOK Up 151 Pips On Hourly Chart; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated November 17, 2022 1:40 GMT)

Currently, USDNOK’s rate is up 1.51 pips (0.15%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDNOK has now gone down 4 of the past 5 hours. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. 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)

USDNOK entered today at 9.9986, up 96 pips (0.1%) from the day prior. Relative to other instruments in the Forex asset class, USDNOK ranked 23rd the day prior in terms of percentage price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 100 day moving averages, which may act as price barrier for the asset. 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 1322.4 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.