USD/NOK Up 245 Pips On 4 Hour Chart, Moves Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated August 03, 2020 05:09 AM GMT (01:09 AM EST)

USD/NOK is up 245 pips (0.27%) since the last 4 hour candle (opening the current 4 hour candle near 9.1226), marking the 2nd candle in a row an upward move has occurred. USD/NOK outperformed all 37 assets in the Forex asset class the last 4 hour candle.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK is up 23 pips (0.02%) since the day prior (opening today near 9.08489), marking the 3rd day in a row an increase has occurred. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 18th in terms of percentage change since the day prior. Here is a price chart of USD/NOK.

USD/NOK

USD/NOK Technical Analysis

Coming into today USD/NOK is now close to its 20 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 20 day average, which is 1273.5 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. 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 30 day horizon; over that time period, price has been moving down. Or to simplify this another way, note that out of the past 14 days USD/NOK’s price has gone up 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much commentary on USDNOK that we’re finding noteworthy here; guess people aren’t watching this one :). Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Wait for the daily candle to close above price level 9.07043. Enter on a retest at price level 9.07043.