USD/NOK Up 81 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated August 5, 2022 1:37 GMT)

At the time of this writing, USDNOK’s rate is up 0.81 pips (0.08%) from the hour prior. This is the 2nd hour in a row USDNOK has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see an uptrend 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 9.72076, up 49 pips (0.05%) from the previous day. Relative to other instruments in the Forex asset class, USDNOK ranked 20th the previous day in terms of percentage price change. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that the current price of USDNOK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 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. For additional context, note that price has gone down 9 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.