NZDCHF Up 2 Pips Over Past Hour, Entered Today Up For the 2nd Day In A Row; Crosses 200 Day Moving Average

Hourly Update

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

At the time of this writing, NZDCHF’s rate is up 2 pips (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on NZDCHF. Given that we see an uptrend 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 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 11 pips (0.19%) since the day prior (opening today near 0.60942), marking the 2nd day in a row it has gone up. Relative to other instruments in the Forex asset class, NZDCHF ranked 9th the day prior in terms of percentage price change. Here is a price chart of NZDCHF.

NZDCHF

NZDCHF Technical Analysis

First things first: 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 2.3 pips away. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. Also of note is that on a 90 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 15 out of the past 30 days. Also, candlestick traders! Note we see doji pattern appearing here as well.

The View From Around the Web

Not much in terms quality buy/sell signals we’re seeing for NZDCHF; just 0 sell signals and 3 buy signals. This imputes a buy/sell ratio that’s infinite! But, let’s not get carried away with that idea just yet. 🙂 As for the rationale, technical traders seem to be citing the appearance of a flag technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.

NZDCHF has previously formed a BULL FLAG PATTERN and breakout at the right point. Now its time for us to buy and get those pips


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