USDNOK Down 16 Pips in Last Hour, Underperforms All Forex; Came Into Today Down For the 6th Consecutive Day – CFD Trading

Hourly Update

(Last Updated April 20, 2021 23:15 GMT)

At the time of this writing, USDNOK’s rate is down -0.14 pips (-0.02%) from the hour prior. The hourly chart shows that USDNOK has seen 3 straight down hours. 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

USDNOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USDNOK is down 723 pips (0.86%) since the previous day (opening today near 8.2901), marking the 6th consecutive day it has gone down. It may be worth observing that USDNOK was the worst performer of the 39 members in the Forex asset class over the past day. Let’s take a look at price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

The first thing we should note is that the current price of USDNOK is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 50 day average, which is 1968.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. For additional context, note that price has gone down 12 out of the past 14 days.

Leave a Reply

Your email address will not be published. Required fields are marked *