When ycc is on gold price goes up and btc just skyrocketing .
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
This is the 2nd straight hour nzdjpy has seen its price head up.
This move is a reversal from the hour prior, which saw price move down.
It’s been a feast for bulls operating on an hourly timeframe, as nzdcad has now gone up 4 of the past 5 hours.
This is the 2nd straight hour gbpusd has seen its price head up.
Relative to other instruments in the forex asset class, gbpnzd ranked 5th the day prior in terms of percentage price change.
Relative to other instruments in the forex asset class, gbpjpy ranked 12th the previous day in terms of percentage price change.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns.