USDNOK Down 60 Pips On Hourly Chart, is Inching Close to 200 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated October 8, 2021 10:14 GMT)

Currently, USDNOK’s rate is down -0.6 pips (-0.07%) from the hour prior. The hourly chart shows that USDNOK has seen 2 straight down hours. 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 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 8.5732, down 12 pips (0.01%) from yesterday. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 26th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20, 50, 100 and 200 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 200 day average, which is 231.4 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. For additional context, note that price has gone down 8 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!