(Last Updated November 15, 2021 18:14 GMT)
At the moment, USDNOK’s rate is up 0.27 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see an uptrend on the 5 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 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 64 pips (0.07%) since the previous day (opening today near 8.68406), marking the 4th straight day an upward move has occurred. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 17th for the day in terms of price change. Here is a price chart of USDNOK.
USDNOK Technical Analysis
Notably, 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 119.8 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down. For additional context, note that price has gone up 9 out of the past 14 days.