NZDUSD Down 3 Pips in Last Hour, in an Uptrend Over Past 30 Days; Sentiment Suggests Sellers in Charge
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
Forex News
(Last Updated November 23, 2020 17:23 GMT)
FX Market Hourly Update
Over the past hour, EURTRY has has made the biggest move in the forex asset class, decreasing -818 pips (-0.87%). The strongest trend on the hourly timeframe can be seen on GBPJPY — it’s clearly been in an uptrend over the past 20 candles. Last but not least, it’s worth noting that AUDUSD has crossed its 50 hour moving average.Price Action on the Daily Chart
The pairs that made the biggest moves, on a percentage basis, over the past day were USDTRY, EURTRY, and TRYJPY. The chart below illustrates. None of the moves in the past day were especially noteworthy in terms of their size relative to their volatility over the past 30 days.
The chart below summarizes the price news by currency, showing which currency strengthened vs which weakened when equally averaged against other currencies. Of note is that MXN was the outperformer for the day, changing by 0.63%. On the flip side, TRY fared the worst, changing by -1.22%.
As for who is on a hot streak, NZDCAD has experienced upwards move in 8 of the prior ten trading days.
Forex Trend News
Over the past two weeks, the strongest trend has been on NZDCHF. Alternatively, on a 90 day basis, the strongest trend appears on USDCNH. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for USDTRY, TRYJPY and EURTRY. Trading against the 14 day trend in favor of the 90 day trend may be an opportunity some traders would favor on these pairs. Price action traders will also want to note that a base appears to be forming on USDCAD. Price bases often precede increases in volatility and a clear trend.Moving Averages in the Forex World
Below is a list of currency pairs that crossed key moving average levels over the past day.| Currency Pair | Moving Average Period Crossed |
|---|---|
| EURGBP | 200 |
| AUDJPY | 100 |
| USDHKD | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that TRYJPY has perhaps the strongest trend. See the chart below.
Lastly, instruments CHFJPY, USDHKD, CADJPY, CADCHF and EURGBP are close to their 200 day moving average.
Forex Market Insights from TradingView
On TradingView, a consensus may be building on NZDUSD. Our TradingView Sentiment Indicator notches a buy/sell ratio of 0.17, implying traders are predominantly quite bearish in their outlook for the instrument. And as for which forex pairs are getting the most insightful technical conversations, check out USDCHF. Here’s one comment we thought was especially interesting:ON the monthly timeframe we are finding support at a monthly key level. ON the weekly timeframe we are still overall bearish as the moving averages are pointing down and we are below them. The H4 timeframe is still bearish as well and I will bellowing for selling opportunities below the 200 day moving average
–USDCHF Analysis November 22, 2020
Looking for More Forex News?
For more forex news beyond what is offered on CFDTrading, check out Forex Factory, FX Empire, and ForexLive. For the latest stories on specific currency pairs, try the articles below.NZDCHF Down 5 Pips On Hourly Chart; in an Uptrend Over Past 30 Days
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
NZDJPY Down 6 Pips in Last Hour
Relative to other instruments in the forex asset class, nzdjpy ranked 7th yesterday in terms of percentage price change.
NZDCAD Up 3 Pips On Hourly Chart; in an Uptrend Over Past 30 Days
This is a reversal of the price action on the previous hour, in which price moved down.
GBPUSD Down 1 Pips On Hourly Chart; in an Uptrend Over Past 30 Days
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.
GBPNZD Up 9 Pips in Last Hour, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone down 16 out of the past 30 days.
GBPJPY Down 6 Pips in Last Hour; 2 Day Down Streak Broken
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
GBPCAD Up 12 Pips in Last Hour, 2 Day Down Streak Ended; in an Uptrend Over Past 30 Days
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
GBPCHF Down 5 Pips Over Past Hour; Price Base in Formation Over Past 90 Days
The closest is the 20 day average, which is 141.6 pips away.
GBPAUD Up 12 Pips Over Past Hour, 3 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart
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.