NZD/USD Up 4 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 90 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
Forex News
(Last Updated August 9, 2022 0:25 GMT)
Today’s Main Forex Events
Here’s a look at the main macroeconomic data coming out later today that may impact the forex market.
| Metric Name | Reference Period | Currency | Date | Time | Forecast | Outcome |
|---|---|---|---|---|---|---|
| Australia Westpac Consumer Confidence Change | Aug 2022 | Australian Dollar | 2022-08-09 | 00:30 GMT | ||
| Mexico Inflation Rate MoM | Jul 2022 | Mexican Peso | 2022-08-09 | 11:00 GMT | 0.72% | |
| United States Unit Labour Costs QoQ | Q2 2022 | US Dollar | 2022-08-09 | 12:30 GMT | 9.5% |
FX Market Hourly Update
Over the past hour, EURNOK stands out as the biggest mover in the forex asset class on a percentage basis, dropping -59 pips (-0.06%). The strongest trend on the hourly timeframe can be seen on GBPCHF — it’s clearly been in a downtrend over the past 20 candles. Last but not least, EURNOK‘s 100 hour moving average has just been breached.Price Action on the Daily Chart
The pairs that made the biggest moves, on a percentage basis, over the past day were TRYJPY, USDJPY, and USDZAR. The chart below illustrates. Note that NZDCHF, GBPCHF and GBPJPY made especially large and surprising moves over the past day.
The chart below summarizes the price news by currency, showing which currency strengthened vs which weakened when equally averaged against other currencies. We see that MXN was the big outperformer, moving by 0.64%. Alternatively, TRY moving by -0.69%, making it the worst performer of the bunch.
Forex Trend News
Over the past two weeks, the strongest trend has been on EURGBP. Alternatively, on a 90 day basis, the strongest trend appears on USDTRY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURNOK, USDJPY, GBPUSD, GBPCAD, USDZAR, CHFJPY, USDNOK, CADJPY and NZDUSD. 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 AUDNZD and GBPCHF. Price bases often precede increases in volatility and a clear trend.Moving Averages in the Forex World
For those who pay attention to moving averages, GBPNZD may be of particular interest. It crossed its 20 and 100 day moving averages. Below is a list of currency pairs that crossed key moving average levels over the past day.| Currency Pair | Moving Average Period Crossed |
|---|---|
| USDMXN | 200 |
| AUDJPY | 100 |
| NZDCAD | 50 |
| CHFJPY | 50 |
| NZDUSD | 50 |
| AUDCAD | 50 |
| AUDUSD | 50 |
| USDCAD | 50 |
| USDSEK | 50 |
| EURCAD | 20 |
| AUDNZD | 20 |
| AUDCHF | 20 |
| GBPCHF | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDTRY has perhaps the strongest trend. See the chart below.
Lastly, instruments in the Forex asset class that are near their 200 day moving average are EURNOK, EURGBP, USDHKD, EURSEK and CADCHF.
News from the BIS
The Bank of International Settlements helps central banks coordinate their policies. As such, it can be an important institution for forex traders to monitor. Here is the latest from them:
| Link | Publication Date | Summary |
|---|
Forex Market Insights from TradingView
On TradingView, a consensus may be building on AUDNZD. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 9 for audnzd, suggesting traders are very bullish on the asset.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.NZD/JPY Down 2 Pips Over Past Hour, Moves Up For the 2nd Consecutive Day; Price Base in Formation Over Past 30 and 90 Days
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.
NZD/CHF Up 1 Pips Over Past Hour, Makes Big Move Relative to Past Month; Eyes 20 Day Average
Relative to other instruments in the forex asset class, nzdchf ranked 11th the day prior in terms of percentage price change.
NZD/CAD Up 1 Pips Over Past Hour, Makes Big Move Relative to Past Month; Crosses 50 Day Moving Average
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
GBP/USD Up 7 Pips On Hourly Chart, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart
Relative to other instruments in the forex asset class, gbpusd ranked 17th yesterday in terms of percentage price change.
GBP/NZD Down 1 Pips in Last Hour; Breaks Below 20 and 100 Day Averages
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.
GBP/CHF Up 3 Pips in Last Hour, Makes Big Move Relative to Past Month; in a Downtrend Over Past 90 Days
Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBP/JPY Down 1 Pips Over Past Hour, Moves Up For the 2nd Straight Day; in a Downtrend Over Past 14 Days
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.
GBP/CAD Up 3 Pips in Last Hour, Entered Today Down For the 2nd Straight Day; Breaks Below 20 Day Average
Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
GBP/AUD Down 1 Pips in Last Hour, Fares the Worst Out of Forex; Breaks Below 20 Day Average
Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.