(Last Updated May 21, 2021 2:16 GMT)
At the moment, USDNOK’s rate is down -0.31 pips (-0.04%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Of note is that the 20 hour changed directions on USDNOK; it is now pointing up. 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 back and forth price flow continues for USDNOK, which started today off at 8.29979, down 250 pips 0.3% from the day prior. Out of the 39 instruments in the Forex asset class, USDNOK ended up ranking 32nd for the day in terms of price change. Let’s take a look at price chart of USDNOK.
USDNOK Technical Analysis
Coming into today the current price of USDNOK is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 10 days USDNOK’s price has gone up 5 them.