USD/NOK Heads Down For the 3rd Day In A Row, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 90 Days

USD/NOK Price Recap

USD/NOK is down 249 pips (0.27%) since yesterday (with its current price near 9.22124), marking the 3rd day in a row a decline has happened. This move happened on fewer tick price changes which may be a proxy for volume, as yesterday’s total tick count was down 5.02% from the day before — and down 4.5% from the same day the week before. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 30th for the day in terms of day-over-day price change. Below is a price chart of USD/NOK.

USD/NOK Technical Analysis

Notably, USD/NOK is now close to its 20, 50 and 100 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 993.1 pips away. Something else of critical noteworthiness is that USD/NOK may have broken its trend on the 14 day basis, as the trend’s momentum appears to be slowing down. 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 30 day horizon; over that time period, price has been moving up. Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For additional context, note that price has gone up 5 out of the past 10 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDNOK, with 0 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of double top and triple top technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.