USDNOK Down 142 Pips On Hourly Chart, Fares the Worst Out of Forex; But Still in an Uptrend Over Past 14 Days – CFD Trading

Hourly Update

(Last Updated July 23, 2021 2:14 GMT)

At the time of this writing, USDNOK’s rate is down -0.55 pips (-0.06%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on USDNOK. Given that we see downtrend on the 10 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 is down 340 pips (0.38%) since the day prior (opening today near 8.84794), marking the 2nd consecutive day a decline has happened. Compared to its peers in the Forex, USDNOK gave its buyers a return that ranked 34th in terms of percentage change since the day prior. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that USDNOK is now close to its 20 day moving averages, which may act as price barrier for the asset. 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 1276.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving up 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.

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