USD/NOK Up 203 Pips On Hourly Chart, Moves Up For the 6th Day In A Row; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 17, 2021 1:44 GMT)

Currently, USDNOK’s rate is up 2.03 pips (0.23%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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)

USDNOK is up 293 pips (0.34%) since the previous day (opening today near 8.74824), marking the 6th day in a row an increase has occurred. Relative to other instruments in the Forex asset class, USDNOK ranked 15th the previous day in terms of percentage price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today 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 723.6 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.