It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign.
This is a reversal of the price action on the previous hour, in which price moved up.
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
It’s been a feast for bears operating on an hourly timeframe, as chfjpy has now gone down 5 of the past 5 hours.
This is the 3rd hour in a row chfjpy has seen its price head up.
Price action traders may also wish to note that we see a doji candlestick pattern on chfjpy.
Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
The closest is the 20 day average, which is 0 pips away.
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.