USD/NOK Down 432 Pips On 4 Hour Chart; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated July 06, 2020 05:08 AM GMT (01:08 AM EST)

The back and forth price flow continues for USD/NOK, which started the current 4 hour candle off at 9.4308, down 432 pips 0.46% from the previous 4 hours. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 35th in terms of percentage change since the previous 4 hours.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/NOK, which started today off at 9.4596, up 25 pips 0.03% from yesterday. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 11th for the day in terms of price change. Below is a price chart of USD/NOK.

USD/NOK Technical Analysis

Coming into today the current price of USD/NOK is sitting close to its 20 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 1247 pips away. It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign. 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. Or to simplify this another way, note that out of the past 10 days USD/NOK’s price has gone up 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.