(Last Updated April 20, 2021 2:15 GMT)
Currently, USDNOK’s rate is up 0.19 pips (0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as USDNOK has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on USDNOK. Given that we see downtrend on the 20 and 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 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 day prior (opening today near 8.2901), marking the 6th consecutive day it has gone down. On a relative basis, USDNOK was the worst performer out of all 39 of the assets in the Forex asset class. The price chart of USDNOK below illustrates.
USDNOK Technical Analysis
Coming into today 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 9 out of the past 10 days.