USD/NOK Up 219 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
USDNOK
(Last Updated July 10, 2020)
Hello! This is the news page for USDNOK. Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
The Trend
On USDNOK, there is currently a downtrend on the 90 and 14 day timeframes.
USDNOK Moving Averages
Nuances in the trend on USDNOK can be understood by observing the behavior of its moving averages. Of the 20, 50, 100, and 200 day averages — three of them (all but the 200) — are bearish, suggesting the trend is generally downward, save for a spike that occurred about 6 months ago.
The chart below illustrates.
Regarding USDNOK’s correlations over the past 7 days, it has been most correlated with AUDJPY. Over the past 14 days, however, EURNOK is the asset most correlated to USDNOK. On the flip side, EURCAD has been the asset least correlated with USDNOK — but if we observe the prior two weeks, CADCHF has been the asset least correlated with USDNOK. See the chart below to observe the recent price action in USDNOK versus those of assets it hasn’t been well correlated with.
.
The View From the Weekly Timeframe
At the time of this writing, USDNOK’s rate is up 0.0031 (0.03%) from the week prior. Moreover, note that this is a reversal of the price action on the previous weekly, in which price moved down. As for the trend on the weekly timeframe, we see the clearest trend on the 10 week 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 10 weekly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Looking further out, the moving averages on the weekly timeframe suggest a bullishness in price, as the 20 and 50 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend. The weekly chart below shows USDNOK’s price action over the past year.
USD/NOK Down 26 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart
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.
USD/NOK Up 258 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone down 8 out of the past 14 days.
USD/NOK Down 71 Pips Over Past 4 Hours, Came Into Today Up For the 2nd Day In A Row; in a Downtrend Over Past 90 Days
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
USD/NOK Up 100 Pips in Last 4 Hours, Moves Down For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USD/NOK Down 432 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart
It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
USD/NOK Down 18 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart
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.
USD/NOK Up 12 Pips Over Past 4 Hours, Nears 20 and 200 Day Moving Averages; Pin Bar Pattern Appearing on Chart
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.
USD/NOK Down 78 Pips On 4 Hour Chart, Came Into Today Down For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart
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.
USD/NOK Down 345 Pips Over Past 4 Hours
The closest is the 200 day average, which is 661.3 pips away.