"Forex Frank" is a forex trader and commentator focused primarily on technical analysis rooted in price action. Follow him on social media:
NZD/USD Down 2 Pips in Last Hour, 5 Day Up Streak Broken; in an Uptrend Over Past 30 Days
Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
Forex Frank
NZD/CHF Up 3 Pips Over Past Hour, Came Into Today Up For the 5th Day In A Row; in an Uptrend Over Past 30 Days
Compared to its peers in the forex, nzdchf gave its buyers a return that ranked 8th in terms of percentage change since the day prior.
NZD/JPY Down 7 Pips Over Past Hour; Crosses 20 Day Moving Average
This allows us to have a bearish bias on the market….
NZD/CAD Down 1 Pips in Last Hour, Came Into Today Up For the 6th Consecutive Day; in an Uptrend Over Past 30 Days
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.
GBP/USD Down 3 Pips in Last Hour, 4 Day Up Streak Broken; in a Downtrend Over Past 14 Days
Relative to other instruments in the forex asset class, gbpusd ranked 35th the day prior in terms of percentage price change.
GBP/NZD Down 1 Pips in Last Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days
Compared to its peers in the forex, gbpnzd gave its buyers a return that ranked 36th in terms of percentage change since the previous day.
GBP/JPY Down 11 Pips Over Past Hour, Breaks Below 100 Day Average; in a Downtrend Over Past 14 Days
The closest is the 100 day average, which is 66.6 pips away.
GBP/CHF Up 3 Pips in Last Hour, Entered Today Down For the 2nd Consecutive Day; in a Downtrend Over Past 14 Days
Also of note is that on a 90 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBP/CAD Down 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days
The closest is the 100 day average, which is 105 pips away.
GBP/AUD Down 3 Pips Over Past Hour, Moves Down For the 2nd Straight Day; in a Downtrend Over Past 14 Days
As for the rationale, technical traders seem to be citing the appearance of double top, flag and gartley technical patterns.