AUDCHF Up 3 Pips in Last Hour, Entered Today Up For the 5th Straight Day; Breaks Above 50 Day Average

Hourly Update

(Last Updated September 3, 2021 2:12 GMT)

Currently, AUDCHF’s rate is up 3 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. 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 doji candlestick pattern on AUDCHF. Given that we see downtrend on the 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)

AUDCHF is up 21 pips (0.32%) since the previous day (opening today near 0.67658), marking the 5th straight day an increase has occurred. Out of the 39 instruments in the Forex asset class, AUDCHF ended up ranking 11th for the day in terms of price change. Below is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Notably, AUDCHF crossed above its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. For additional context, note that price has gone up 8 out of the past 14 days.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCHF, with 0 buy signals on our radar and 8 sell signals. This imputes a buy/sell ratio of 0, which is quite bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

https://www.tradingview.com/x/3rsu9WWV/Hello,Friends!Based on the technical analysis, and the recent minor fundamental news AUDCHF looks bearish to me overall.I think marketmakers will be pushing the pair downThat is why we are going shortLike and subscribe and comment my ideas if you like them!