USD/NOK Up 28 Pips in Last Hour, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 8, 2022 1:36 GMT)

Currently, USDNOK’s rate is up 0.28 pips (0.03%) 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)

USDNOK entered today at 10.0142, down 192 pips (0.19%) from yesterday. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 29th in terms of percentage change since yesterday. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20 and 50 day averages, located at 9.7931 and 9.8616 respectively, and thus may be at a key juncture along those timeframes. 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 50 day average, which is 1526.3 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. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone up 15 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!