AUDCHF Up 7 Pips On Hourly Chart, 5 Day Down Streak Broken; Sentiment Suggests Sellers in Charge

Hourly Update

(Last Updated March 26, 2021 23:14 GMT)

At the time of this writing, AUDCHF’s rate is up 7 pips (0.1%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. Regarding the trend, note that the strongest trend exists on the 100 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 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 50 hour changed directions on AUDCHF; it is now pointing up. 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)

A moment of silence, please, for the end of AUDCHF’s 5 day down streak; price ended yesterday up 33 pips (0.47%) to finish the day at a rate of 0.71353. Out of the 39 instruments in the Forex asset class, AUDCHF ended up ranking 5th for the day in terms of price change. The price chart of AUDCHF below illustrates.

AUDCHF

AUDCHF Technical Analysis

Notably, the current price of AUDCHF is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for AUDCHF has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCHF, with 1 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.2, 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.

AUD – BEARISH1️⃣ Investors turned risk averse as coronavirus lockdowns in Europe and potential US tax hikes hit risk appetite.CHF – BULLISH1️⃣ Concerns about a surge in COVID-19 cases and vaccine shortages in Europe boosted the CHF.2️⃣ The Swiss National Bank (SNB) held its policy rate unchanged at −0.75% in March meeting.=====Technical=====We are selling the AUDCHF at resistance + below SMA 50 on the H1 chart.=====Risk to this trade=====Any change in sentiment could turn the pair’s direction.