USD/NOK Up 506 Pips On 4 Hour Chart, Entered Today Up For the 3rd Day In A Row; in a Downtrend Over Past 30 Days

USD/NOK 4 Hour Price Update

Updated June 22, 2020 01:11 PM GMT (09:11 AM EST)

The back and forth price flow continues for USD/NOK, which started the current 4 hour candle off at 9.6289, up 506 pips 0.53% from the last 4 hour candle. Out of the 37 instruments in the Forex asset class, USD/NOK ended up ranking 2nd for the four-hour candle in terms of price change.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK is up 14 pips (0.01%) since the day prior (opening today near 9.6341), marking the 3rd day in a row it has gone up. Relative to other instruments in the Forex asset class, USD/NOK ranked 26th the day prior in terms of percentage price change. The price chart of USD/NOK below illustrates.

USD/NOK Technical Analysis

Coming into today USD/NOK is now close to its 20 and 200 day moving averages, which may act as price barrier for the asset. 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. The closest is the 200 day average, which is 567.8 pips away. 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. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 90 day timeframes. Or to simplify this another way, note that out of the past 14 days USD/NOK’s price has gone up 10 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.