(Last Updated March 2, 2021 17:16 GMT)
At the moment, USDNOK’s rate is down -1.71 pips (-0.2%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 100 hour moving average, resulting in them so that price is now turning below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 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)
The choppiness in the recent daily price action of USDNOK continues; to start today, it came in at a price of 8.55902, down 993 pips (1.15%) since the day prior. Relative to other instruments in the Forex asset class, USDNOK ranked 36th the day prior in terms of percentage price change. Below is a price chart of 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. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 5 out of the past 10 days.