Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed down.
Now, the latest support area seems to do something different….
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Volatility for nzdchf has been contracting over the past two weeks relative to volatility over the past month.
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money….
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
"Forex Frank" is a forex trader and commentator focused primarily on technical analysis rooted in price action. Follow him on social media: