USD/NOK Down 121 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Price Base in Formation Over Past 30 Days

USD/NOK 4 Hour Price Update

Updated May 11, 2020 09:09 PM GMT (05:09 PM EST)

The back and forth price flow continues for USD/NOK, which started the current 4 hour candle off at 10.2762, down 121 pips 0.12% from the last 4 hour candle. Relative to other instruments in the Forex asset class, USD/NOK ranked 34th the last 4 hour candle in terms of percentage price change.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK is down 30 pips (0.03%) since yesterday (opening today near 10.19509), marking the 3rd day in a row a decrease has occurred. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 27th for the day in terms of price change. 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 day averages, located at 10.3887 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 1936.4 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 down. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone down 10 out of the past 14 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!