USD/NOK Up 98 Pips in Last 4 Hours, Crosses 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated March 31, 2020 01:05 PM GMT (09:05 AM EST)

USD/NOK is up 98 pips (0.09%) since the previous 4 hours (opening the current 4 hour candle near 10.5053), marking the 2nd candle in a row an upward move has occurred. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 13th for the four-hour candle in terms of price change.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of USD/NOK continues; to start today, it came in at a price of 10.5101, down 100 pips (0.09%) since yesterday. Relative to other instruments in the Forex asset class, USD/NOK ranked 28th yesterday in terms of percentage price change. Below is a price chart of USD/NOK.

USD/NOK Technical Analysis

First things first: USD/NOK crossed below its 20 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 14 days USD/NOK’s price has gone down 8 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on USDNOK, with 6 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 6, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

I have placed a buy stop order on USDNOK after seeing a bullish pin bar formed on support on the 8 hour chart. I also saw an inverted hammer candle form on the Daily chart on Friday and although my entry is later than what I wanted I am still bullish on this pair. Today ended bullish as well giving more confluence to my bullish bias.