NZDCHF Down 0 Pips in Last Hour, is Inching Close to 20, 50 and 100 Day Averages; Pin Bar Pattern Appearing on Chart

Hourly Update

(Last Updated September 15, 2020 23:18 GMT)

At the moment, NZDCHF’s rate is down 0 pips (0%) from the hour prior. NZDCHF has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. Regarding the trend, note that the strongest trend exists on the 100 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)

The back and forth price flow continues for NZDCHF, which started today off at 0.60539, down 0 pips 0% from the previous day. Out of the 40 instruments in the Forex asset class, NZDCHF ended up ranking 22nd for the day in terms of price change. Below is a price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

The first thing we should note is that NZDCHF is now close to its 20, 50, 100 and 200 day averages, located at 0.6042, 0.6081, 0.605 and 0.6096 respectively, and thus may be at a key juncture along those timeframes. 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. Or to simplify this another way, note that out of the past 10 days NZDCHF’s price has gone down 5 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.

The View From Around the Web

Of note is that traders in aggregate have opinions on NZDCHF, with 13 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 1.86, 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