(Last Updated July 16, 2021 20:14 GMT)
Currently, USDNOK’s rate is up 0.16 pips (0.02%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 8 of the past 10 hours. 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 pin bar candlestick pattern on USDNOK. Given that we see an uptrend 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)
The back and forth price flow continues for USDNOK, which started today off at 8.8232, up 896 pips 1.03% from yesterday. On a relative basis, yesterday was pretty good: USDNOK bested all 39 of the assets in the Forex class 🙂 Here is a price chart of USDNOK.
USDNOK Technical Analysis
Coming into today USDNOK is now close to its 20 and 200 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 1886.7 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 30 days USDNOK’s price has gone up 17 them.