AUD/CHF Down 21 Pips in Last Hour, Breaks Below 20 Day Average; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated August 5, 2022 1:35 GMT)

Currently, AUDCHF’s rate is down -21 pips (-0.32%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as AUDCHF has now gone down 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on AUDCHF. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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)

The choppiness in the recent daily price action of AUDCHF continues; to start today, it came in at a price of 0.6648, down 12 pips (0.18%) since the previous day. Out of the 39 instruments in the Forex asset class, AUDCHF ended up ranking 27th for the day in terms of price change. Below is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCHF crossed below its 20 day moving average yesterday. 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. The closest is the 20 day average, which is 5.9 pips away. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe. For additional context, note that price has gone up 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDCHF; just 3 sell signals and 0 buy signals. This imputes a buy/sell ratio of 0, which is quite bearish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Little correction and short position to next support zone