"Forex Frank" is a forex trader and commentator focused primarily on technical analysis rooted in price action. Follow him on social media:
GBP/CAD Down 14 Pips On 4 Hour Chart, Fares the Worst Out of Forex; Nears 20 and 50 Day Moving Averages
The closest is the 20 day average, which is 16 pips away.
Forex Frank
USD/ZAR Down 248 Pips in Last 4 Hours, Moves Up For the 3rd Day In A Row; Pin Bar Pattern Appearing on Chart
The closest is the 20 day average, which is 1172.1 pips away.
USD/NOK Down 414 Pips in Last 4 Hours, 2 Day Up Streak Broken; in a Downtrend Over Past 14 Days
The closest is the 20 day average, which is 1290.7 pips away.
USD/JPY Up 18 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Entered Today Down For the 2nd Day In A Row
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
EUR/SEK Down 105 Pips Over Past 4 Hours, Moves Up For the 3rd Day In A Row; in a Downtrend Over Past 14 Days
Or to simplify this another way, note that out of the past 30 days eur/sek’s price has gone down 17 them.
GBP/AUD Down 14 Pips Over Past 4 Hours, Makes Big Move Relative to Past Month; Nears 20 Day Moving Average
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
USD/CHF Up 3 Pips in Last 4 Hours, Came Into Today Down For the 4th Day In A Row; Pin Bar Pattern Appearing on Chart
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
USD/CAD Down 8 Pips On 4 Hour Chart, Entered Today Down For the 5th Day In A Row; in a Downtrend Over Past 14 Days
This imputes a buy/sell ratio of 1.31, which is bullish.
USD/SEK Down 146 Pips On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; in a Downtrend Over Past 90 Days
Or to simplify this another way, note that out of the past 30 days usd/sek’s price has gone up 15 them.
USD/HKD Down 5 Pips in Last 4 Hours, Breaks Above 20 and 100 Day Averages; Price Base in Formation Over Past 90 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.