AUDCHF Down 11 Pips On Hourly Chart

Hourly Update

(Last Updated September 11, 2020 16:12 GMT)

At the moment, AUDCHF’s rate is down -11 pips (-0.17%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDCHF. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 20 and 50 hour moving averages have been crossed, so that price is now turning below them. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

The choppiness in the recent daily price action of AUDCHF continues; to start today, it came in at a price of 0.66406, up 22 pips (0.33%) since the previous day. Out of the 40 instruments in the Forex asset class, AUDCHF ended up ranking 10th for the day in terms of price change. Below is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Notably, AUDCHF is now close to its 20, 50 and 100 day averages, located at 0.6591, 0.6572 and 0.65 respectively, and thus may be at a key juncture along those timeframes. 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. For additional context, note that price has gone up 9 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCHF, with 9 buy signals on our radar and 6 sell signals. This imputes a buy/sell ratio of 1.5, which is bullish. As for the rationale, technical traders seem to be citing the appearance of demand zone technical patterns. Here’s a piece we found on tradingview.com that we thought you might enjoy.


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