AUDCHF Down 1 Pips in Last Hour, 4 Day Up Streak Snapped; in an Uptrend Over Past 30 Days

Hourly Update

(Last Updated September 18, 2020 23:12 GMT)

At the time of this writing, AUDCHF’s rate is down -1 pips (-0.02%) from the hour prior. This is the 2nd consecutive hour AUDCHF has seen its price head down. If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 hour timeframes. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

AUDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

AUDCHF, which opened today priced near 0.6639, is down 3 pips 0.05% since the previous day, marking a reversal from the day prior — and the end of a 4 day positive run. Relative to other instruments in the Forex asset class, AUDCHF ranked 23rd the previous day in terms of percentage price change. Here is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Notably, AUDCHF is now close to its 20, 50 and 100 day averages, located at 0.6619, 0.6581 and 0.652 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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCHF, with 4 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.8, which is neutral. As for the rationale, technical traders seem to be citing the appearance of demand zone, divergence and trendline technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price is moving in our range and holding good i added two path red and bluewe are moving in big two supply and demand zone and right now at in small support and resistance zone range….clearing this range will settle the perfect actionwe also have bearish divergence this one will play out than blue path we are going


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