USD/NOK Up 216 Pips On 4 Hour Chart, Entered Today Down For the 3rd Day In A Row; in a Downtrend Over Past 14 Days

USD/NOK 4 Hour Price Update

Updated May 14, 2020 09:09 AM GMT (05:09 AM EST)

USD/NOK is up 216 pips (0.21%) since the last 4 hour candle (opening the current 4 hour candle near 10.2023), marking the 2nd candle in a row an upward move has occurred. Relative to other instruments in the Forex asset class, USD/NOK ranked 4th 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 is down 31 pips (0.03%) since the day prior (opening today near 10.15359), marking the 3rd day in a row a decline has happened. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 37th for the day in terms of price change. Below is a price chart of USD/NOK.

USD/NOK Technical Analysis

Coming into today 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 20 day average, which is 1875.9 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. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 19 out of the past 30 days. 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 0 sell signals and 2 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

USD/NOK OVERALL UPTREND .but previse days no more volatility this market.my suggestion is wait for low price reject after entry go long .