(Last Updated April 29, 2021 18:16 GMT)
Currently, USDNOK’s rate is down -0.37 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 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 20 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 981 pips (1.19%) since the day prior (opening today near 8.17331), marking the 2nd consecutive day a decrease has occurred. Those trading within the Forex asset class should know that USDNOK was the worst performer in the class. Below is a price chart of USDNOK.
USDNOK Technical Analysis
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 10 out of the past 14 days.