(Last Updated May 28, 2020)
Welcome to the news page for AUDCHF (AUDCHF). Below you’ll find our daily market updates. Here’s a technical analysis summary of where things currently stand:
On AUDCHF, there is currently an uptrend on the 30 and 14 day timeframes.
The moving averages on AUDCHF summarize its price action in an interesting way. The 20 and 50 day averages are pointing upwards, suggesting a bullish trend, in contrast to the downward-facing 100 and 200 day averages that imply a bearish trend. This implies that the long-term trend — meaning going back over 3 months — is bearish, while the trend over the past month and a half is bullish.
Below is a chart showing AUDCHF’s price with its moving averages.
As for correlation, Regarding AUDCHF’s correlations over the past 7 days, it has demonstrated the strongest correlation with AUDJPY. AUDCHF has been most correlated with AUDJPY over the past 14 days also, so this may be a structural correlation in the market. Alternatively, the asset least correlated with AUDCHF over the past week has been AUDNZD, but if we observe the prior two weeks, the asset least correlated with AUDCHF has been GBPCHF. See the chart below to observe the recent price action in AUDCHF versus those of assets it hasn’t been well correlated with.
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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.
The closest is the 200 day average, which is 67.6 pips away.
As for the rationale, technical traders seem to be citing the appearance of a triangle technical pattern.
For additional context, note that price has gone up 8 out of the past 10 days.
It should be noted, though, the 20 day simple moving average turned upwards, which may be a bullish sign.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
The volume at each period of the pennant is also important….
Or to simplify this another way, note that out of the past 30 days aud/chf’s price has gone up 20 them.
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.
Relative to other instruments in the forex asset class, aud/chf ranked 22nd the day prior in terms of percentage price change.