USD/NOK Up 99 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated June 25, 2020 01:11 PM GMT (09:11 AM EST)

USD/NOK is up 99 pips (0.1%) since the previous 4 hours (opening the current 4 hour candle near 9.7207), marking the 3rd candle in a row it has gone up. Out of the 37 instruments in the Forex asset class, USD/NOK ended up ranking 12th 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 up 186 pips (0.19%) since yesterday (opening today near 9.68255), marking the 2nd day in a row an upward move has occurred. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 5th in terms of percentage change since yesterday. Below is a price chart of USD/NOK.

USD/NOK Technical Analysis

Notably, the current price of USD/NOK is sitting close to its 20, 50 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 200 day average, which is 955 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 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 10 out of the past 14 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 1 sell signals and 1 buy signals. This imputes a buy/sell ratio of 1, which is neutral. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After analyzing the fundamentals, sentimentals, currency correlations, fib time zone, fib resistance fan, fib spiral, fib spiral, fib wedge, gann box, gann fan, Elliot’s waves ……Don’t let this ‘anti-gravity-price’ momentum go….iBloodhoundST = ‘anti-gravity-price’ impulse zone tracker.