"Forex Frank" is a forex trader and commentator focused primarily on technical analysis rooted in price action. Follow him on social media:
GBPCAD Up 9 Pips Over Past Hour
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
GBPAUD Down 10 Pips On Hourly Chart, Moves Up For the 3rd Day In A Row; in a Downtrend Over Past 30 Days
Price action traders may also wish to note that we see a doji candlestick pattern on gbpaud.
EURUSD Up 7 Pips Over Past Hour, Came Into Today Down For the 4th Consecutive Day; in an Uptrend Over Past 90 Days
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.
EURSEK Down 31 Pips Over Past Hour, Moves Up For the 3rd Straight Day; Eyes 200 Day Average
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
EURTRY Down 0 Pips in Last Hour, 2 Day Up Streak Snapped; in an Uptrend Over Past 14 Days
Relative to other instruments in the forex asset class, eurtry ranked 24th the day prior in terms of percentage price change.
EURNZD Down 21 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 30 Days
Volatility for eurnzd has been contracting over the past two weeks relative to volatility over the past month.
EURNOK Down 75 Pips On Hourly Chart, Moves Up For the 5th Day In A Row; in an Uptrend Over Past 14 Days
Price action traders may also wish to note that we see a doji candlestick pattern on eurnok.
EURGBP Down 4 Pips On Hourly Chart, 4 Day Up Streak Broken; Sentiment Suggests Sellers in Charge
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.
EURJPY Up 3 Pips On Hourly Chart, 3 Day Down Streak Snapped; in a Downtrend Over Past 14 Days
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.
EURCHF Down 1 Pips On Hourly Chart, is Inching Close to 20 and 50 Day Averages; Doji and Pin Bar Patterns Appearing on Chart
Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.