USDNOK Down 277 Pips On Hourly Chart, Moves Up For the 5th Consecutive Day; Nears 20 Day Moving Average

Hourly Update

(Last Updated October 19, 2020 10:15 GMT)

At the time of this writing, USDNOK’s rate is down -2.77 pips (-0.3%) from the hour prior. USDNOK has seen its price go down 5 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK is up 179 pips (0.19%) since yesterday (opening today near 9.35385), marking the 5th consecutive day it has gone up. Out of the 40 instruments in the Forex asset class, USDNOK ended up ranking 6th for the day in terms of price change. Below is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20, 100 and 200 day averages, located at 9.3206, 9.2267 and 9.5487 respectively, and thus may be at a key juncture along those timeframes. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 332.9 pips away. Volatility for USDNOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!