(Last Updated September 7, 2020 15:14 GMT)
At the time of this writing, USDNOK’s rate is down -0.13 pips (-0.01%) from the hour prior. USDNOK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
USDNOK End of Day Recap
Updated 00:30 GMT (04:30 EST)
USDNOK, which opened today priced near 8.89394, is down 90 pips 0.1% since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 22nd for the day in terms of price change. Below is a price chart of USDNOK.
USDNOK Technical Analysis
Coming into today USDNOK is now close to its 20 and 50 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 20 day average, which is 30.4 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.