USD/NOK Down 110 Pips On 4 Hour Chart, Came Into Today Down For the 5th Consecutive Day; in a Downtrend Over Past 14 Days

USD/NOK 4 Hour Price Update

Updated August 18, 2020 01:07 PM GMT (09:07 AM EST)

The back and forth price flow continues for USD/NOK, which started the current 4 hour candle off at 8.8241, down 110 pips 0.12% from the previous 4 hours. Out of the 37 instruments in the Forex asset class, USD/NOK ended up ranking 35th 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 343 pips (0.39%) since yesterday (opening today near 8.8428), marking the 5th consecutive day it has gone down. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 36th in terms of percentage change since yesterday. Let’s take a look at price chart of 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 1916.4 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 30 day horizon; over that time period, price has been moving down. For additional context, note that price has gone down 7 out of the past 10 days.

Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram