As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa.
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
This imputes a buy/sell ratio of 3.29, which is bullish.
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
This is a monthly view so this could take some time for the h&s rule to play out….
The closest is the 20 day average, which is 399.3 pips away.
The closest is the 20 day average, which is 465.5 pips away.
As for the rationale, technical traders seem to be citing the appearance of trendline and triangle technical patterns.
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.
But if it occurs in a trend that is started by a downtrend, this pattern should signal a reversal.