USD/NOK Up 154 Pips On 4 Hour Chart, Breaks Above 20 Day Average; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated June 18, 2020 09:09 AM GMT (05:09 AM EST)

USD/NOK entered the current 4 hour candle at 9.5338, up 154 pips (0.16%) from the previous 4 hours. 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)

The back and forth price flow continues for USD/NOK, which started today off at 9.52863, up 149 pips 0.16% from the previous day. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 6th in terms of percentage change since the previous day. The price chart of USD/NOK below illustrates.

USD/NOK Technical Analysis

Notably, USD/NOK crossed above its 20 day moving average yesterday. 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 98.9 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days USD/NOK’s price has gone up 8 them. 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 2 sell signals and 1 buy signals. This imputes a buy/sell ratio of 0.5, which is bearish. 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 the long downtrend the market retrace till the 0.382 fib level and now it create a lower high lower low….––––– Here is the Plancton0618 technical analysis , please comment below if you have any question….The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.