AUDCHF Up 2 Pips in Last Hour, Moves Down For the 2nd Consecutive Day; Eyes 50 Day Average

Hourly Update

(Last Updated September 24, 2020 0:13 GMT)

At the moment, AUDCHF’s rate is up 2 pips (0.03%) from the hour prior. The hourly chart shows that AUDCHF has seen 2 straight up hours. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

AUDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCHF is down 12 pips (0.18%) since the previous day (opening today near 0.65934), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, AUDCHF ranked 24th the previous day in terms of percentage price change. Below is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

The first thing we should note is that AUDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6632, 0.6585, 0.6533 and 0.6441 respectively, and thus may be at a key juncture along those timeframes. 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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDCHF; just 0 sell signals and 3 buy signals. Bulls may note that this suggests a buy/sell ratio that is infinite. But, let’s not get carried away with that idea just yet. 🙂 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.

AUD/CHF 🇦🇺 🇨🇭 is testing the 0.5 fib support line….The Inverted Hammer candle pattern and the oversold RSI predict that the pair is going to bounce at test the local resistance line!…If you like the idea PLEASE don’t forget to hit the LIKE 👍👍👍buttonAlso share your thoughts and charts here in the comment ⌨️ section!


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