USD/NOK Up 393 Pips in Last 4 Hours, Underperforms All Forex; Makes Big Move Relative to Two Week Trend

USD/NOK 4 Hour Price Update

Updated June 26, 2020 01:08 PM GMT (09:08 AM EST)

USD/NOK is up 393 pips (0.41%) since the last 4 hour candle (opening the current 4 hour candle near 9.6987), marking the 2nd candle in a row an upward move has occurred. On a relative basis, the last 4 hour candle were pretty good: USD/NOK bested all 37 of the assets in the Forex class 🙂

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK is down 65 pips (0.07%) since yesterday (opening today near 9.6462), marking the 2nd day in a row it has gone down. It may be worth observing that USD/NOK was the worst performer of the 40 members in the Forex asset class over the past day. The price chart of USD/NOK below illustrates.

USD/NOK Technical Analysis

Notably, USD/NOK is now close to its 20, 50 and 200 day moving averages, which may act as price barrier for the asset. 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 569.2 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 90 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 30 days USD/NOK’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 1 sell signals and 2 buy signals. This imputes a buy/sell ratio of 2, which is bullish. Here’s a piece we found on tradingview.com that we thought you might enjoy.