NZDCHF Down 1 Pips Over Past Hour, Moves Up For the 3rd Consecutive Day; Price Base in Formation Over Past 90 Days

Hourly Update

(Last Updated November 12, 2020 22:19 GMT)

At the moment, NZDCHF’s rate is down -1 pips (-0.02%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as NZDCHF has now gone down 9 of the past 10 hours. Regarding the trend, note that the strongest trend exists on the 50 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, 10 and 5 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

NZDCHF End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCHF is up 66 pips (1.06%) since the previous day (opening today near 0.63085), marking the 3rd consecutive day an upward move has occurred. Relative to other instruments in the Forex asset class, NZDCHF ranked 3rd the previous day in terms of percentage price change. The price chart of NZDCHF below illustrates.

NZDCHF

NZDCHF Technical Analysis

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 222 pips away. It should be noted, though, the 200 day simple moving average turned upwards, which may be a bullish sign. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 90 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 8 out of the past 10 days.