NZDCHF Down 3 Pips in Last Hour, Eyes 20, 50 and 100 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 14, 2020 23:17 GMT)

Currently, NZDCHF’s rate is down -3 pips (-0.05%) from the hour prior. NZDCHF has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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 0.60539, down 0 pips (0%) from yesterday. Out of the 40 instruments in the Forex asset class, NZDCHF ended up ranking 22nd for the day in terms of price change. Let’s take a look at price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

The first thing we should note is that the current price of NZDCHF is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 100 day average, which is 3.9 pips away. For additional context, note that price has gone down 15 out of the past 30 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCHF, with 8 buy signals on our radar and 4 sell signals. This imputes a buy/sell ratio of 2, which is bullish. As for the rationale, technical traders seem to be citing the appearance of a wedge technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

we can see a falling wedge in 4 hour chart , 50% and 61.8% Fibonacci retracement levels are near the price , wedge ends at one of this levels….we have to wait for wedge breakout and then the price goes up to 3 targets : last high 0.61800, 0.62200 and the next target is 0.63000….wait for confirmations and updates.


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