AUDCHF Down 0 Pips On Hourly Chart, Entered Today Up For the 3rd Consecutive Day; Eyes 20 Day Average

Hourly Update

(Last Updated September 16, 2020 23:13 GMT)

At the moment, AUDCHF’s rate is down 0 pips (0%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Of note is that the 20 hour changed directions on AUDCHF; it is now pointing down. 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 the previous day (opening today near 0.66283), marking the 3rd consecutive day an increase has occurred. Out of the 40 instruments in the Forex asset class, AUDCHF ended up ranking 12th for the day in terms of price change. Let’s take a look at price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Coming into today AUDCHF is now close to its 20, 50 and 100 day moving averages, which may act as price barrier for the asset. 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

We’re seeing some traders come out with interesting conviction on AUDCHF, with 13 buy signals on our radar and 2 sell signals. This imputes a buy/sell ratio of 6.5, which is very bullish. As for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

As we can see AUDCHF managed to bounce off 61.8 fib level where there is a strong support level after a clear breakthrough of that level….A clear rejection can be seen followed by a small BULLISH movement….What I am seeing will be price level moving tpwards the next resistance level as it retest every levels it broke (e.g. 0.6628 support level).


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