NZDCHF Down 0 Pips On Hourly Chart, Crosses 200 Day Moving Average; in an Uptrend Over Past 14 Days

Hourly Update

(Last Updated September 8, 2020 15:17 GMT)

At the time of this writing, NZDCHF’s rate is down 0 pips (0%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCHF has now gone down 4 of the past 5 hours. 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 pin bar candlestick pattern on NZDCHF. 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 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.

NZDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCHF entered today at 0.61321, up 30 pips (0.5%) from yesterday. Out of the 40 instruments in the Forex asset class, NZDCHF ended up ranking 5th for the day in terms of price change. Below is a price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCHF crossed above its 200 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 200 day average, which is 27.6 pips away. 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. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. 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 NZDCHF, with 6 buy signals on our radar and 9 sell signals. This imputes a buy/sell ratio of 0.67, which is bearish. As for the rationale, technical traders seem to be citing the appearance of moving average and triangle technical patterns. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

Hi, i think that ndzchf complete that 4h flag correction, and it looks like price is now correcting before it will go up again, so i expect one more low in that correction then i will watch for price action to take long


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