USDNOK Down 185 Pips in Last Hour; is Inching Close to 50 Day Average

Hourly Update

(Last Updated September 14, 2020 23:14 GMT)

At the moment, USDNOK’s rate is down -1.85 pips (-0.2%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)

The back and forth price flow continues for USDNOK, which started today off at 9.02517, down 398 pips 0.44% from yesterday. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 36th in terms of percentage change since yesterday. 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 and 50 day averages, located at 8.9117 and 9.0622 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 6 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 0 sell signals and 1 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s take that with a grain of salt. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Daily down trend from April appears to have ended. Price has broken above of horizontal resistance and now looks to be testing breakout area. Initial target of 9.40


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram