USD/NOK Up 182 Pips in Last Hour, Entered Today Up For the 5th Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 16, 2021 1:44 GMT)

At the time of this writing, USDNOK’s rate is up 1.82 pips (0.21%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 up 349 pips (0.4%) since the day prior (opening today near 8.71893), marking the 5th day in a row an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 11th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 50, 100 and 200 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 449.2 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 up. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone up 9 them.