USD/NOK Down 239 Pips in Last 4 Hours, 2 Day Down Streak Broken; in a Downtrend Over Past 30 Days

USD/NOK 4 Hour Price Update

Updated August 08, 2020 09:24 AM GMT (05:24 AM EST)

USD/NOK is down 239 pips (0.26%) since the last 4 hour candle (opening the current 4 hour candle near 9.0333), marking the 2nd candle in a row a decrease has occurred. Relative to other instruments in the Forex asset class, USD/NOK ranked 36th the last 4 hour candle in terms of percentage price change.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK entered today at 8.9674, up 220 pips (0.25%) from the day prior. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 20th for the day in terms of price change. Let’s take a look at price chart of USD/NOK.


USD/NOK Technical Analysis

Notably, USD/NOK is now close to its 20 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 20 day average, which is 2027.8 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 30 day timeframe, which shows price moving down over that time. For additional context, note that price has gone up 7 out of the past 14 days.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 1 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on; below is a short snippet from it to give you a taste.

Looking for a failed retest of the previous support, which has now becomed a resistance. TP is based on the 100% level of fibo extension.