USD/NOK Up 34 Pips On Hourly Chart; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2021 1:44 GMT)

Currently, USDNOK’s rate is up 0.34 pips (0.04%) from the hour prior. USDNOK has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 8.682, up 261 pips (0.3%) from the day prior. Relative to other instruments in the Forex asset class, USDNOK ranked 13th the day prior in terms of percentage price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Notably, USDNOK is now close to its 20, 50, 100 and 200 day averages, located at 8.7992, 8.7953, 8.5715 and 8.5578 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 5 them.