It should be noted, though, the 20 day simple moving average turned downwards, which may be a bearish sign.
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.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
Given that we see an uptrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
This move is a reversal from the hour prior, which saw price move down.
As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern.
This is a reversal of the price action on the previous hour, in which price moved up.
The closest is the 50 day average, which is 58.4 pips away.