USDNOK Down 393 Pips in Last Hour, Entered Today Up For the 2nd Straight Day; in a Downtrend Over Past 90 Days

Hourly Update

(Last Updated September 4, 2020 9:49 GMT)

At the moment, USDNOK’s rate is down -3.93 pips (-0.44%) from the hour prior. USDNOK has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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 730 pips (0.83%) since the previous day (opening today near 8.8272), marking the 2nd straight day an upward move has occurred. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 2nd for the day in terms of price change. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today the current price of USDNOK is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 20 day average, which is 738.3 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 16 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

This idea is taken from our Tradeday app.Visit https://tradedaydigital.com for more information.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram