USDNOK Down 36 Pips On Hourly Chart, Price Base in Formation Over Past 14 Days; Nears 20 and 100 Day Moving Averages

Hourly Update

(Last Updated October 8, 2020 2:15 GMT)

At the time of this writing, USDNOK’s rate is down -0.36 pips (-0.04%) from the hour prior. USDNOK has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDNOK. Given that we see downtrend on the 20 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 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)

The choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 9.2914, down 649 pips (0.69%) since yesterday. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 37th in terms of percentage change since yesterday. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 20 and 100 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 195.6 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 15 out of the past 30 days.