USD/NOK Up 29 Pips in Last Hour; in an Uptrend Over Past 90 Days

Hourly Update

(Last Updated August 4, 2022 1:39 GMT)

At the time of this writing, USDNOK’s rate is up 0.29 pips (0.03%) from the hour prior. This is the 2nd hour in a row USDNOK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists 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 9.7159, down 653 pips (0.67%) from the previous day. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 38th for the day in terms of price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 20 and 50 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 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. Or to simplify this another way, note that out of the past 14 days USDNOK’s price has gone down 10 them.