USDNOK Up 294 Pips Over Past Hour, Underperforms All Forex; Breaks Below 20 and 50 Day Averages – CFD Trading

Hourly Update

(Last Updated March 3, 2021 19:16 GMT)

At the moment, USDNOK’s rate is down -0.02 pips (0%) 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. Regarding the trend, note that the strongest trend exists 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 downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 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)

USDNOK is down 872 pips (1.02%) since the day prior (opening today near 8.47179), marking the 2nd consecutive day it has gone down. It may be worth observing that USDNOK was the worst performer of the 39 members in the Forex asset class over the past day. The price chart of USDNOK below illustrates.

USDNOK

USDNOK Technical Analysis

First things first: USDNOK crossed below its 20 and 50 day moving averages yesterday. 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. Or to simplify this another way, note that out of the past 30 days USDNOK’s price has gone down 16 them.

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