USD/NOK Up 68 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated September 23, 2021 1:59 GMT)

At the moment, USDNOK’s rate is up 0.68 pips (0.08%) from the hour prior. This is the 2nd hour in a row USDNOK has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 an uptrend on the 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 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 154 pips (0.18%) since yesterday (opening today near 8.661), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, USDNOK ranked 26th yesterday in terms of percentage price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20, 50, 100 and 200 day averages, located at 8.6751, 8.7912, 8.6124 and 8.5507 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 140.9 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. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 6 out of the past 10 days.