USD/NOK Down 212 Pips Over Past 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated May 19, 2020 05:14 PM GMT (01:14 PM EST)

USD/NOK is down 212 pips (0.21%) since the last 4 hour candle (opening the current 4 hour candle near 9.946), marking the 3rd candle in a row it has gone down. Relative to other instruments in the Forex asset class, USD/NOK ranked 30th the last 4 hour candle in terms of percentage price change.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The back and forth price flow continues for USD/NOK, which started today off at 10.02033, up 102 pips 0.1% from yesterday. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 7th in terms of percentage change since yesterday. 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 100 day average, which is 540.1 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. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 10 days USD/NOK’s price has gone down 6 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.