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.
It’s been a feast for bears operating on an hourly timeframe, as nzdchf has now gone down 12 of the past 14 hours.
This imputes a buy/sell ratio of 0, which is quite bearish.
Relative to other instruments in the forex asset class, nzdcad ranked 19th the previous day in terms of percentage price change.
Volatility for gbpusd has been contracting over the past two weeks relative to volatility over the past month.
As for the rationale, technical traders seem to be citing the appearance of head and shoulders technical patterns.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
It’s been a feast for bears operating on an hourly timeframe, as eurusd has now gone down 8 of the past 10 hours.