Don’t trade a strategy just because someone tells you it’s a good strategy, always back-test the strategy in question over historical data before trading it with real money….
This imputes a buy/sell ratio of 1.25, which is bullish.
Compared to its peers in the forex, gbpnzd gave its buyers a return that ranked 26th in terms of percentage change since the previous day.
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
But, let’s take that with a grain of salt. 🙂 as for the rationale, technical traders seem to be citing the appearance of a divergence technical pattern.
I see a well respected channel on the monthly frame….
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.
This is a reversal of the price action on the previous hour, in which price moved down.
This imputes a buy/sell ratio of 2.67, which is bullish.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.