USD/NOK Up 95 Pips Over Past Hour, Moves Up For the 3rd Consecutive Day; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated November 23, 2021 1:37 GMT)

At the time of this writing, USDNOK’s rate is up 0.95 pips (0.11%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 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 124 pips (0.14%) since yesterday (opening today near 8.92543), marking the 3rd consecutive day an increase has occurred. Relative to other instruments in the Forex asset class, USDNOK ranked 21st yesterday in terms of percentage price change. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

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 100 day average, which is 2395.4 pips away. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone up 15 out of the past 30 days.