USD/CNH Down 56 Pips On 4 Hour Chart, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart

USD/CNH 4 Hour Price Update

Updated April 07, 2020 05:07 PM GMT (01:07 PM EST)

The choppiness in the recent four-hour candle price action of USD/CNH continues; to start the current 4 hour candle, it came in at a price of 7.1029, down 56 pips (0.08%) since the last 4 hour candle. Out of the 40 instruments in the Forex asset class, USD/CNH ended up ranking 26th for the four-hour candle in terms of price change.

USD/CNH End of Day Recap

Updated 00:30 GMT (04:30 EST)

USD/CNH entered today at 7.10518, down 15 pips (0.02%) from the previous day. Relative to other instruments in the Forex asset class, USD/CNH ranked 28th the previous day in terms of percentage price change. Below is a price chart of USD/CNH.

USD/CNH Technical Analysis

Notably, the current price of USD/CNH is sitting close to its 20, 50, 100 and 200 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. 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 314.3 pips away. Volatility for USD/CNH has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. 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. For additional context, note that price has gone down 16 out of the past 30 days. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.