AUD/CHF Up 3 Pips Over Past Hour, in a Downtrend Over Past 14 Days; Social Sentiment Biased Towards Buying

Hourly Update

(Last Updated July 5, 2022 1:34 GMT)

At the time of this writing, AUDCHF’s rate is up 3 pips (0.04%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar 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. The moving averages on the hourly timeframe suggest a choppiness in price, as the 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 back and forth price flow continues for AUDCHF, which started today off at 0.6592, up 57 pips 0.87% from the day prior. Relative to other instruments in the Forex asset class, AUDCHF ranked 4th the day prior 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 day moving averages, which may act as price barrier for the asset. As for the alignment of the moving averages, well, it’s a bit mixed up; the 20, 50, 100, and 200 do not progress from largest to smallest, or vice versa. The closest is the 20 day average, which is 160 pips away. The clearest trend exists on the 30 day timeframe, which shows price moving down over that time. Or to simplify this another way, note that out of the past 14 days AUDCHF’s price has gone down 9 them. Moreover, we’re also seeing a bullish engulfing pattern; this may be especially noteworthy in light of the downtrend on the 30 and 14 day charts, as in this context the bullish engulfing candles may indicate the bear trend may be ending.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCHF, with 5 buy signals on our radar and 1 sell signals. This imputes a buy/sell ratio of 5, which is very bullish. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

We have had strong rebound off 0.6520 zone, on higher timeframes we have had strong bearish momentum recently. Could we see a restest of box before continuation, what do you think?. Contact me for a copy of my Forex Route for Investors BookHappy Charting!