USDNOK Up 74 Pips On Hourly Chart, Moves Down For the 4th Consecutive Day; Breaks Below 200 Day Average

Hourly Update

(Last Updated October 6, 2021 10:14 GMT)

At the time of this writing, USDNOK’s rate is up 0.74 pips (0.09%) 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. Regarding the trend, note that the strongest trend exists on the 100 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 is down 435 pips (0.51%) since the day prior (opening today near 8.5291), marking the 4th consecutive day a decline has happened. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 38th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed below its 200 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 200 day average, which is 209.5 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 16 out of the past 30 days.