USD/NOK Down 178 Pips Over Past 4 Hours, 2 Day Down Streak Snapped; in a Downtrend Over Past 14 Days

USD/NOK 4 Hour Price Update

Updated May 20, 2020 05:04 PM GMT (01:04 PM EST)

USD/NOK is down 178 pips (0.18%) since the last 4 hour candle (opening the current 4 hour candle near 9.9055), marking the 2nd candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, USD/NOK ended up ranking 29th 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 9.97537, up 34 pips (0.03%) from the previous day. Relative to other instruments in the Forex asset class, USD/NOK ranked 26th the previous day in terms of percentage price change. The price chart of USD/NOK below illustrates.

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 1.8 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. It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe. For additional context, note that price has gone down 6 out of the past 10 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.