USDNOK Down 27 Pips On Hourly Chart, Breaks Above 50 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 18, 2020 23:14 GMT)

At the moment, USDNOK’s rate is down -0.27 pips (-0.03%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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 choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 9.03631, up 265 pips (0.29%) since yesterday. Relative to other instruments in the Forex asset class, USDNOK ranked 6th yesterday in terms of percentage price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed above its 50 day moving average yesterday. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 8 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram