AUDCHF Up 1 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; Crosses 20 Day Moving Average

Hourly Update

(Last Updated September 23, 2020 0:13 GMT)

At the time of this writing, AUDCHF’s rate is up 1 pips (0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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)

The choppiness in the recent daily price action of AUDCHF continues; to start today, it came in at a price of 0.66054, down 35 pips (0.53%) since the day prior. Compared to its peers in the Forex, AUDCHF gave its buyers a return that ranked 30th in terms of percentage change since the day prior. Here is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

First things first: AUDCHF crossed below its 20 day moving average yesterday. 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. Or to simplify this another way, note that out of the past 14 days AUDCHF’s price has gone up 8 them.

The View From Around the Web

We’re seeing some traders come out with interesting conviction on AUDCHF, with 3 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 0.6, which is bearish. As for the rationale, technical traders seem to be citing the appearance of channel and moving average technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

price choose the second path and bearish divergence played well we are downif we manage to close above demand zone than good else we are going lower retesting 200 ema too.those who shorted with my call in good profit too . congrats too risk taker


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