AUD/CHF Up 5 Pips On Hourly Chart, Entered Today Down For the 6th Consecutive Day; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated May 13, 2022 1:35 GMT)

At the moment, AUDCHF’s rate is up 5 pips (0.07%) from the hour prior. This is the 2nd hour in a row AUDCHF has seen its price head up. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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 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)

AUDCHF is down 10 pips (0.14%) since the day prior (opening today near 0.68851), marking the 6th consecutive day a decline has happened. Relative to other instruments in the Forex asset class, AUDCHF ranked 15th the day prior in terms of percentage price change. Let’s take a look at price chart of AUDCHF.

AUDCHF

AUDCHF Technical Analysis

The first thing we should note is that AUDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6946, 0.6924, 0.6768 and 0.6745 respectively, and thus may be at a key juncture along those timeframes. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to simplify this another way, note that out of the past 30 days AUDCHF’s price has gone down 17 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for AUDCHF; just 3 sell signals and 3 buy signals. This imputes a buy/sell ratio of 1, which is neutral. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

A ‘buy’ trade opportunity presented itself on the AUDCHF trading chart, following the bullish pin bar at the end of a bearish run. The pin bar closed above the 0.68214 daily horizontal support level, signalling a rejection of the same level and providing a buying opportunity.An RR of 7.38 is possible if you enter the trade at the 0.68452 price level, with your stop at 0.68162 (about 29.0 pips) and target at 0.70592 (about 214.0 pips).Please check with your setup before placing any trade.Happy trading!