USDNOK Down 77 Pips Over Past Hour, Came Into Today Up For the 3rd Consecutive Day; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

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

At the moment, USDNOK’s rate is down -0.77 pips (-0.08%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. 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 20, 50, 100 and 200 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 137 pips (0.15%) since the day prior (opening today near 9.23756), marking the 3rd consecutive day an upward move has occurred. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 9th in terms of percentage change since the day prior. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed above its 100 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 100 day average, which is 29.9 pips away. 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 30 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.