USD/NOK Down 1106 Pips in Last 4 Hours, Entered Today Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated May 18, 2020 05:10 PM GMT (01:10 PM EST)

USD/NOK is down 1106 pips (1.09%) since the previous 4 hours (opening the current 4 hour candle near 10.0257), marking the 4th candle in a row a decline has happened. On a relative basis, USD/NOK was the worst performer out of all 37 of the assets in the Forex asset class.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK is up 27 pips (0.03%) since the previous day (opening today near 10.2222), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 19th in terms of percentage change since the previous day. Here is a price chart of USD/NOK.

USD/NOK Technical Analysis

The first thing we should note is that USD/NOK is now close to its 20 and 50 day averages, located at 10.2937 and 10.4565 respectively, and thus may be at a key juncture along those timeframes. 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 20 day average, which is 715.1 pips away. Volatility for USD/NOK has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. Or to simplify this another way, note that out of the past 10 days USD/NOK’s price has gone down 6 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!