USDNOK Down 78 Pips in Last Hour, in a Downtrend Over Past 30 Days; Doji and Pin Bar Patterns Appearing on Chart

Hourly Update

(Last Updated January 6, 2021 2:16 GMT)

At the moment, USDNOK’s rate is down -0.78 pips (-0.09%) 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 50 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 and 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USDNOK, which started today off at 8.54991, down 336 pips 0.39% from yesterday. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 28th 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 day moving averages, which may act as price barrier for the asset. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 10 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing doji and pin bar patterns appearing here.