USDNOK Up 93 Pips Over Past Hour, Moves Down For the 2nd Consecutive Day; Crosses 200 Day Moving Average

Hourly Update

(Last Updated October 15, 2021 1:14 GMT)

At the moment, USDNOK’s rate is up 0.93 pips (0.11%) from the hour prior. The hourly chart shows that USDNOK has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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)

USDNOK is down 690 pips (0.81%) since yesterday (opening today near 8.4874), marking the 2nd consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 36th for the day in terms of price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed below its 200 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 200 day average, which is 635.5 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. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 17 them.