USD/NOK Up 404 Pips On 4 Hour Chart, 2 Day Up Streak Snapped; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated May 25, 2020 05:10 PM GMT (01:10 PM EST)

USD/NOK entered the current 4 hour candle at 10.0491, up 404 pips (0.4%) from the last 4 hour candle. USD/NOK outperformed all 37 assets in the Forex asset class the last 4 hour candle.

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 9.9791, down 14 pips 0.01% from the day prior. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 32nd for the day in terms of 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 213.6 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving down over that time. 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 9 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.