USD/NOK Up 224 Pips in Last 4 Hours, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart

USD/NOK 4 Hour Price Update

Updated May 13, 2020 01:09 AM GMT (09:09 PM EST)

USD/NOK is up 224 pips (0.22%) since the previous 4 hours (opening the current 4 hour candle near 10.1664), marking the 2nd candle in a row it has gone up. Relative to other instruments in the Forex asset class, USD/NOK ranked 3rd the previous 4 hours in terms of percentage 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 10.16609, up 68 pips (0.07%) since the previous day. Compared to its peers in the Forex, USD/NOK gave its buyers a return that ranked 10th in terms of percentage change since the previous day. Here is a price chart of USD/NOK.

USD/NOK Technical Analysis

Coming into today USD/NOK is now close to its 20 day averages, located at 10.3656 respectively, and thus may be at a key juncture along those timeframes. 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 1995.5 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. 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. Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up. Or to simplify this another way, note that out of the past 30 days USD/NOK’s price has gone down 18 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.