AUDCHF Up 9 Pips in Last Hour, Nears 20 Day Moving Average; Bullish Engulfing Pattern in Play

Hourly Update

(Last Updated May 6, 2021 3:14 GMT)

At the moment, AUDCHF’s rate is up 9 pips (0.13%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 200 hour moving average, resulting in them so that price is now turning above 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)

The back and forth price flow continues for AUDCHF, which started today off at 0.70761, up 30 pips 0.43% from the day prior. Out of the 39 instruments in the Forex asset class, AUDCHF ended up ranking 7th for the day in terms of price change. The price chart of AUDCHF below illustrates.

AUDCHF

AUDCHF Technical Analysis

Coming into today AUDCHF is now close to its 20, 50 and 100 day averages, located at 0.7082, 0.7124 and 0.6992 respectively, and thus may be at a key juncture along those timeframes. 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 5.7 pips away. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. It should be noted, though, that a trend in the opposite direction, going down, exists on the 30 day timeframe. For additional context, note that price has gone down 17 out of the past 30 days. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 90 and 30 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.