USD/NOK Up 169 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated May 12, 2020 12:57 AM GMT (08:57 PM EST)

The choppiness in the recent four-hour candle price action of USD/NOK continues; to start the current 4 hour candle, it came in at a price of 10.2931, up 169 pips (0.16%) since the last 4 hour candle. 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 up 55 pips (0.05%) since the day prior (opening today near 10.29459), marking the 2nd day in a row an increase has occurred. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 14th for the day in terms of price change. The price chart of USD/NOK below illustrates.

USD/NOK Technical Analysis

Coming into today USD/NOK is now close to its 20 and 50 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 917 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving up 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. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!