USDNOK Up 57 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Breaks Below 100 Day Average

Hourly Update

(Last Updated September 16, 2021 2:14 GMT)

Currently, USDNOK’s rate is up 0.57 pips (0.07%) from the hour prior. This is the 3rd straight hour USDNOK has seen its price head up. 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 doji candlestick pattern on USDNOK. Given that we see downtrend 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 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 back and forth price flow continues for USDNOK, which started today off at 8.56672, down 759 pips 0.88% from the previous day. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 38th for the day in terms of price change. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed below its 100 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 133.6 pips away. 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 90 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone down 8 them.