USD/NOK Up 174 Pips On 4 Hour Chart, 2 Day Down Streak Ended; Nears 20 Day Moving Average

USD/NOK 4 Hour Price Update

Updated June 24, 2020 01:12 PM GMT (09:12 AM EST)

USD/NOK is up 174 pips (0.18%) since the previous 4 hours (opening the current 4 hour candle near 9.5666), marking the 2nd candle in a row an upward move has occurred. Out of the 37 instruments in the Forex asset class, USD/NOK ended up ranking 5th 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 entered today at 9.5186, up 162 pips (0.17%) from the day prior. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 5th for the day in terms of price change. 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 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 367.6 pips away. 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 30 days USD/NOK’s price has gone down 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.