USD/NOK Up 188 Pips in Last Hour, Underperforms All Forex; Crosses 20 and 100 Day Moving Averages

Hourly Update

(Last Updated November 23, 2022 2:17 GMT)

At the moment, USDNOK’s rate is up 1.88 pips (0.19%) 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. Regarding the trend, note that the strongest trend exists on the 50 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 and 10 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)

A moment of silence, please, for the end of USDNOK’s 4 day up streak; price ended yesterday down 1584 pips (-1.54%) to finish the day at a rate of 10.10217. It may be worth observing that USDNOK was the worst performer of the 39 members in the Forex asset class over the past day. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed below its 20 and 100 day moving averages 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 100 day average, which is 387.1 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. 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 10 days USDNOK’s price has gone up 6 them.