USD/NOK Up 858 Pips Over Past 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated May 15, 2020 01:05 PM GMT (09:05 AM EST)

A moment of silence, please, for the end of USD/NOK’s 5 four-hour candle down streak; price ended the last 4 hour candle up 858 pips (0.85%) to finish the four-hour candle at a rate of 10.23. 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 down 27 pips (0.03%) since the previous day (opening today near 10.14634), marking the 4th day in a row a decline has happened. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 32nd in terms of percentage change since the previous day. Let’s take a look at price chart of USD/NOK.

USD/NOK Technical Analysis

The first thing we should note is that the current price of USD/NOK is sitting close to its 20 and 100 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 1640.7 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. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days USD/NOK’s price has gone down 19 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 0 sell signals and 2 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USD/NOK OVERALL UPTREND .but previse days no more volatility this market.my suggestion is wait for low price reject after entry go long .