NZDCHF Up 12 Pips On Hourly Chart, Makes Big Move Relative to Past Month; Breaks Below 20 Day Average

Hourly Update

(Last Updated May 3, 2021 2:21 GMT)

At the time of this writing, NZDCHF’s rate is up 12 pips (0.18%) from the hour prior. The hourly chart shows that NZDCHF has seen 2 straight up hours. 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 NZDCHF. Given that we see downtrend on the 20 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 is down 49 pips (0.74%) since the previous day (opening today near 0.653748264), marking the 2nd consecutive day a decline has happened. Relative to other instruments in the Forex asset class, NZDCHF ranked 32nd the previous day in terms of percentage price change. Here is a price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

Moving average crossovers are always interesting, so let’s start there: NZDCHF crossed below 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 27.6 pips away. It should be noted, though, the 50 day simple moving average turned downwards, which may be a bearish sign. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 8 out of the past 14 days.