AUDCHF Down 3 Pips Over Past Hour, Moves Up For the 3rd Straight Day; Eyes 20 Day Average

Hourly Update

(Last Updated September 17, 2020 23:13 GMT)

Currently, AUDCHF’s rate is down -3 pips (-0.05%) from the hour prior. The hourly chart shows that AUDCHF has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

AUDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCHF is up 11 pips (0.16%) since yesterday (opening today near 0.66283), marking the 3rd straight day it has gone up. Relative to other instruments in the Forex asset class, AUDCHF ranked 12th yesterday in terms of percentage price change. Here is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Coming into today the current price of AUDCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 10 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCHF, with 8 buy signals on our radar and 3 sell signals. This imputes a buy/sell ratio of 2.67, which is bullish. As for the rationale, technical traders seem to be citing the appearance of fibonacci, trendline and wedge technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Price may move lower towards horizontal line support , bearish view remain active till price is not closing above descending trendline above price. Follow us for more.


Forex Frank is a forex analyst and market commentator with nearly two decades of experience in currency trading. Follow him on social media: Facebook | Twitter | Instagram