USD/NOK Up 61 Pips in Last Hour, Underperforms All Forex; Makes Big Move Relative to Two Week Trend

Hourly Update

(Last Updated September 24, 2021 1:44 GMT)

Currently, USDNOK’s rate is up 0.61 pips (0.07%) from the hour prior. The hourly chart shows that USDNOK has seen 2 straight up hours. 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 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 894 pips (1.03%) since the day prior (opening today near 8.57161), marking the 3rd consecutive day it has gone down. It may be worth observing that USDNOK was the worst performer of the 39 members in the Forex asset class over the past day. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Moving average crossovers are always interesting, so let’s start there: USDNOK crossed below its 100 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 216.4 pips away. Volatility for USDNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. For additional context, note that price has gone down 6 out of the past 10 days.