USDNOK Up 94 Pips On Hourly Chart, Underperforms All Forex; Moves Down For the 3rd Day In A Row

Hourly Update

(Last Updated October 12, 2020 2:15 GMT)

At the moment, USDNOK’s rate is up 0.94 pips (0.1%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDNOK has now gone down 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDNOK. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK is down 1208 pips (1.31%) since the previous day (opening today near 9.12654), marking the 3rd day in a row it has gone down. On a relative basis, USDNOK was the worst performer out of all 40 of the assets in the Forex asset class. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20, 50 and 100 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 50 day average, which is 581.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 16 them.