USDNOK Down 41 Pips Over Past Hour, Underperforms All Forex; Bearish Engulfing Pattern Present – CFD Trading

Hourly Update

(Last Updated July 22, 2021 3:14 GMT)

At the time of this writing, USDNOK’s rate is down -0.41 pips (-0.05%) 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 20 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, which opened today priced near 8.88195, is down 1175 pips 1.31% since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. It may be worth observing that USDNOK was the worst performer of the 39 members in the Forex asset class over the past day. Here is a price chart of USDNOK.

USDNOK

USDNOK Technical Analysis

Coming into today USDNOK is now close to its 20 day averages, located at 8.7029 respectively, and thus may be at a key juncture along those timeframes. 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 1790.2 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. For additional context, note that price has gone up 18 out of the past 30 days. Moreover, we’re also seeing a bearish engulfing pattern; in light of the uptrend on the 14 and 30 day charts this may be particularly noteworthy, as it may signal the uptrend is cooling and ready to reverse.

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