USD/NOK Down 120 Pips in Last 4 Hours, in an Uptrend Over Past 14 Days; Eyes 20 Day Average

USD/NOK 4 Hour Price Update

Updated June 19, 2020 09:23 AM GMT (05:23 AM EST)

USD/NOK is down 120 pips (0.13%) since the previous 4 hours (opening the current 4 hour candle near 9.5094), marking the 4th candle in a row a decline has happened. Relative to other instruments in the Forex asset class, USD/NOK ranked 31st the previous 4 hours in terms of percentage price change.

USD/NOK End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/NOK entered today at 9.51414, down 182 pips (0.19%) from yesterday. Out of the 40 instruments in the Forex asset class, USD/NOK ended up ranking 39th for the day in terms of price change. Here 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 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 20 day average, which is 119.5 pips away. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 and 90 day timeframes. Or to simplify this another way, note that out of the past 10 days USD/NOK’s price has gone up 7 them.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for USDNOK; just 3 sell signals and 2 buy signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of relative strength index and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

The RSI has accompanied the movement, breaking the bearish guideline….En un 4 horas se aprecia un movimiento en forma de cuña que parece haberse roto al alza dejandons un posible recorrido hasta 9,81 y situando el SL por debajo del último minimo (9,4133)….El RSI ha acompañado el movimiento rompiendo al directriz bajista.