Relative to other instruments in the forex asset class, usd/nok ranked 21st yesterday in terms of percentage price change.
This imputes a buy/sell ratio of 0, which is quite bearish.
The closest is the 20 day average, which is 229.1 pips away.
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was down 22.96% from the day prior, but up 0.59% from the same day the week before.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
The closest is the 20 day average, which is 42.3 pips away.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
Or to simplify this another way, note that out of the past 14 days usd/nok’s price has gone up 7 them.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
The price move occurred on stronger volume, as measured by the number of tick price changes; specifically, yesterday’s volume was up 13.49% from the day prior, and up 112.13% from the same day the week before.