USD/NOK Up 22 Pips Over Past Hour, Moves Up For the 4th Consecutive Day; Crosses 20 Day Moving Average

Hourly Update

(Last Updated November 22, 2022 1:38 GMT)

At the moment, USDNOK’s rate is up 0.22 pips (0.02%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 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 699 pips (0.69%) since the previous day (opening today near 10.2606), marking the 4th consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 6th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed above its 20 day moving average 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 20 day average, which is 256.3 pips away. 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. For additional context, note that price has gone up 7 out of the past 10 days.

The View From Around the Web

Not much commentary on USDNOK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hello traders. How was your weekend? I hope all is well. Anyway, The confluences have influenced this shorting position. Going back to work tomorrow. I’ll be managing both my trades over the week. Have a blessed week.