AUDCHF Up 2 Pips in Last Hour, Came Into Today Down For the 4th Day In A Row; Nears 100 Day Moving Average

Hourly Update

(Last Updated September 28, 2020 23:12 GMT)

At the time of this writing, AUDCHF’s rate is up 2 pips (0.03%) from the hour prior. AUDCHF has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 20 hourly candle timeframe, so the meaning of the candles may require further exploration. 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 above it. 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)

AUDCHF is down 7 pips (0.1%) since yesterday (opening today near 0.65252), marking the 4th day in a row it has gone down. Compared to its peers in the Forex, AUDCHF gave its buyers a return that ranked 25th in terms of percentage change since yesterday. Let’s take a look at price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

Coming into today the current price of AUDCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. The clearest trend exists on the 14 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 up 7 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCHF, with 11 buy signals on our radar and 5 sell signals. This imputes a buy/sell ratio of 2.2, which is bullish. 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.

Wir sehen eine deutliche charttechnische Reaktion am 38er Fibo-Level, das durch einen dynamischen Turncoat-Resistance gestärkt wird….Ein kurfristiger gleitender Durchschnitt EMA50 kann einen potentiellen Ausbruch nach unten stützen und einen vorzeitigen Einstieg ermöglichen, um mit dem Ausbruch bereits Gewinne realisieren zu können und vor einem Fakeout zu schützen….Falls dieses Short-Level zu nächst erstmal nicht hält, bietet sich ein potentieller Limit-Einstieg am 50er-Fib Level an, das durch ein Volumencluster und vor allem durch deutliche Rejections gezeichnet ist.


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