(Last Updated October 6, 2020 15:18 GMT)
At the moment, NZDCHF’s rate is down -1 pips (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend 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, which opened today priced near 0.6078, is down 24 pips 0.39% since the day prior, marking a reversal from the day prior — and the end of a 3 day positive run. Out of the 40 instruments in the Forex asset class, NZDCHF ended up ranking 35th for the day in terms of price change. Let’s take a look at price chart of NZDCHF.
NZDCHF Technical Analysis
Moving average crossovers are always interesting, so let’s start there: NZDCHF crossed below its 20 and 100 day moving averages 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 100 day average, which is 5.9 pips away. Or to simplify this another way, note that out of the past 30 days NZDCHF’s price has gone up 17 them.
The View From Around the Web
We’re seeing some traders come out with interesting conviction on NZDCHF, with 3 buy signals on our radar and 7 sell signals. This imputes a buy/sell ratio of 0.43, which is bearish. As for the rationale, technical traders seem to be citing the appearance of a supply zone technical pattern. Here’s a piece we found on tradingview.com; below is a short snippet from it to give you a taste.
W > We can notice that price is facing rejection from supply zones that turn into resistance….Price moved up to face rejection in 1st week of June and supply zone created in last week of June turned into resistance for price in August and September….Price is now at supply zone.