AUDCHF Down 4 Pips Over Past Hour, Breaks Above 20 Day Average; Price Base in Formation Over Past 14 Days

Hourly Update

(Last Updated October 6, 2021 10:12 GMT)

At the time of this writing, AUDCHF’s rate is down -4 pips (-0.05%) from the hour prior. AUDCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on AUDCHF. Given that we see downtrend 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 0.67656, up 25 pips 0.37% from yesterday. Out of the 39 instruments in the Forex asset class, AUDCHF ended up ranking 10th for the day in terms of price change. The price chart of AUDCHF below illustrates.

AUDCHF

AUDCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: AUDCHF crossed above its 20 day moving average yesterday. 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 22.5 pips away. It should be noted, though, the 50 and 200 day simple moving averages turned upwards, which may be a bullish sign. The clearest trend exists on the 90 day timeframe, which shows price moving down over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 17 out of the past 30 days.