AUDCHF soars, gaining 122 pips (1.9%) within a single day


Australian Dollar/Swiss Franc (AUDCHF) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team

Highlights

AUDCHF soars, gaining 122 pips (1.9%) within a single day
AUDCHF breaks above 200-day moving average for the first time since May 8, 2019
AUDCHF rises to highest close since February 19th
AUDCHF dominated by bulls lifting the market higher throughout the day
AUDCHF closes higher for the 2nd day in a row

Overview

Moving higher for the 2nd day in a row, AUDCHF ended Monday at 0.6531 surging 122 pips (1.9%). This is the biggest single-day gain in over three years. Today's close at 0.6531 marks the highest recorded closing price since February 19th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 0.6430, the FX pair confirmed its breakout through the previous session high after trading up to 112 pips above it intraday.

Daily Candlestick Chart (AUDCHF as at Jun 01, 2020):

Daily technical analysis candlestick chart for Australian Dollar/Swiss Franc (AUDCHF) as at Jun 01, 2020

Monday's trading range has been 152 pips (2.37%), that's far above the last trading month's daily average range of 75 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AUDCHF.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close above the 200-day moving average at 0.6512 for the first time since May 8, 2019.

Crossing above the upper Bollinger Band for the first time since April 9th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 0.6343 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on April 8th, AUDCHF gained 1.19% on the following trading day.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for AUD/CHF. Out of 108 times, AUDCHF closed lower 54.63% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 60.19% with an average market move of -0.53%.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are AUDUSD gaining 1.93% and NZDUSD closing 1.43% higher. On the flipside the worst performers have been USDCAD closing -1.43% lower and USDJPY losing -0.21%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been AUDHKD surging 1.93% and AUDJPY closing 1.75% higher. The worst performers of the day have been EURAUD tanking -1.65% and USDPLN closing -1.36% lower. Read more


Market Conditions for AUDCHF as at Jun 01, 2020

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