USD/NOK Up 189 Pips in Last Hour, Fares the Worst Out of Forex; Makes Big Move Relative to Two Week Trend

Hourly Update

(Last Updated November 7, 2022 1:36 GMT)

At the moment, USDNOK’s rate is up 1.89 pips (0.18%) 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)

The back and forth price flow continues for USDNOK, which started today off at 10.2374, down 3323 pips 3.14% from the previous day. Those trading within the Forex asset class should know that USDNOK was the worst performer in the class. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK crossed below its 20 and 50 day moving averages yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone up 16 them. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 30 and 90 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.