(Last Updated March 2, 2021 8:15 GMT)
Currently, USDNOK’s rate is up 0.26 pips (0.03%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as USDNOK has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists 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 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 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 entered today at 8.55902, down 993 pips (1.15%) from the previous day. Relative to other instruments in the Forex asset class, USDNOK ranked 36th the previous day in terms of percentage price change. Here is a price chart of USDNOK.
USDNOK Technical Analysis
The first thing we should note is that 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. 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 14 days USDNOK’s price has gone up 7 them.