(Last Updated January 1, 2021 3:16 GMT)
Currently, USDNOK’s rate is down -0.57 pips (-0.07%) 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. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. 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)
USDNOK, which opened today priced near 8.58347, is up 498 pips 0.58% since the day prior, marking a reversal from the day prior — and the end of a 5 day negative run. Relative to other instruments in the Forex asset class, USDNOK ranked 4th the day prior in terms of percentage price change. Here is a price chart of USDNOK.
USDNOK Technical Analysis
Notably, 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 18 out of the past 30 days.