USDNOK Down 32 Pips Over Past Hour; in a Downtrend Over Past 14 Days

Hourly Update

(Last Updated September 6, 2021 23:14 GMT)

At the moment, USDNOK’s rate is down -0.32 pips (-0.04%) from the hour prior. This is the 2nd straight hour USDNOK has seen its price head down. 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 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 entered today at 8.66512, up 222 pips (0.26%) from yesterday. Relative to other instruments in the Forex asset class, USDNOK ranked 11th yesterday in terms of percentage price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 20, 50, 100 and 200 day moving averages, which may act as price barrier for the asset. The clearest trend exists on the 14 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. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 18 them.