EUR/CAD Down 20 Pips Over Past 4 Hours, Moves Down For the 2nd Day In A Row; in an Uptrend Over Past 90 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
(Last Updated January 15, 2021 23:24 GMT)
The chart below summarizes the price news by currency, showing which currency strengthened vs which weakened when equally averaged against other currencies. Of note is that ZAR was the outperformer for the day, moving by 1.07%. On the flip side, USD fared the worst, moving by -0.36%.
And in terms of interesting streaks, CADJPY and AUDNZD have now rallied 8 out of the past ten trading days.
Currency Pair | Moving Average Period Crossed |
---|---|
ZARJPY | 50 |
USDZAR | 50 |
USDHKD | 20 |
GBPCAD | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDZAR has perhaps the strongest trend. See the chart below.
One other point on moving averages: instruments in the Forex asset class that are near their 200 day moving average are USDHKD and USDTRY.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
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.
Volatility for gbp/jpy has been contracting over the past two weeks relative to volatility over the past month.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
The closest is the 20 day average, which is 4.4 pips away.
The closest is the 50 day average, which is 147.9 pips away.
As for the rationale, technical traders seem to be citing the appearance of channel and trendline technical patterns.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
Or to simplify this another way, note that out of the past 30 days nzd/chf’s price has gone up 15 them.
As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.