USD/NOK Down 345 Pips Over Past 4 Hours

USD/NOK 4 Hour Price Update

Updated June 30, 2020 09:09 PM GMT (05:09 PM EST)

USD/NOK is down 345 pips (0.36%) since the previous 4 hours (opening the current 4 hour candle near 9.6218), marking the 2nd candle in a row it has gone down. Out of the 37 instruments in the Forex asset class, USD/NOK ended up ranking 35th 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 9.66382, down 73 pips (0.08%) since the day prior. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 39th for the day in terms of price change. The price chart of USD/NOK below illustrates.

USD/NOK Technical Analysis

Notably, the current price of USD/NOK is sitting close to its 20, 50 and 200 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 200 day average, which is 661.3 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 up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe. For additional context, note that price has gone down 17 out of the past 30 days.