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.
Volatility for eur/nok has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
This imputes a buy/sell ratio of 0, which is quite bearish.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
Relative to other instruments in the forex asset class, gbp/nzd ranked 20th yesterday in terms of percentage price change.
Out of the 40 instruments in the forex asset class, usd/cnh ended up ranking 19th for the day in terms of day-over-day price change.
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
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.
Wait for the following blue block position to seek more buyers to support!…