USD/NOK Up 73 Pips On Hourly Chart, Outperforms All Forex; But Still in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 10, 2022 1:46 GMT)

Currently, USDNOK’s rate is up 0.73 pips (0.07%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 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 up 1522 pips (1.49%) since the previous day (opening today near 10.37605), marking the 2nd consecutive day an increase has occurred. On a relative basis, the previous day was pretty good: USDNOK bested all 39 of the assets in the Forex class 🙂 The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 20, 50 and 100 day averages, located at 10.433, 10.3999 and 10.1233 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 7 them.