AUDCHF Down 14 Pips On Hourly Chart

Hourly Update

(Last Updated September 10, 2020 16:13 GMT)

At the time of this writing, AUDCHF’s rate is down -14 pips (-0.21%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 20 hour moving average has been crossed, with price now being below it. 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 entered today at 0.66406, up 22 pips (0.33%) from the previous day. Out of the 40 instruments in the Forex asset class, AUDCHF ended up ranking 10th for the day in terms of price change. Here is a price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

The first thing we should note is that the current price of AUDCHF is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 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.

The View From Around the Web

Of note is that traders in aggregate have opinions on AUDCHF, with 7 buy signals on our radar and 14 sell signals. This imputes a buy/sell ratio of 0.5, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

After the wave our next expectation is the correction ( or the reversal if we are not speaking of an impulse wave anymore ) So in this case here, we have two equally likely scenarios:1….This scenario is validating the impulse wave setup….Bearish; the price cannot break the triangle while sellers push the price to the downside more and more till they manage to break the solid support.


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