Forex News

Forex Market Summary

(Last Updated August 3, 2020)

The Latest News on Price

The pairs that made the biggest moves, on a percentage basis, over the past day were ZARJPY, USDZAR, and USDCNH. The chart below illustrates. Note that ZARJPY, NZDCAD, NZDJPY, CADJPY, NZDCHF and GBPCHF 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 ZAR was the big outperformer, changing by 0.38%. On the flip side, TRY fared the worst, changing by -0.1%.

And in terms of interesting streaks, EURTRY, GBPNZD, EURSEK, USDMXN, GBPCAD, GBPUSD, GBPAUD, EURUSD, EURAUD, EURNZD and USDZAR have now rallied 9, 9, 9, 8, 8, 9, 9, 8, 8, 9 and 8 out of the past ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on USDCHF. Alternatively, on a 90 day basis, the strongest trend appears on NZDUSD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURNZD, GBPNZD, NZDCHF, ZARJPY, GBPAUD, EURAUD, EURNOK and EURGBP. 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 NZDCAD. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that EURTRY has perhaps the strongest trend. See the chart below.

Finally, instruments USDHKD and EURNOK are close to their 200 day moving average.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on NZDUSD. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 0.1 for nzdusd, 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 USDCNH. Here’s one comment we thought was especially interesting:

With a meagre 45pips since my last publication on this pair (see link below for reference purposes), my Bearish bias still persists as price action has been caught within a consolidation phase with the anticipation that a Breakout from this range might be emphatic in the following week(s)….My Key level at 6.98000 is still a level on my radar in the coming week as I anticipate a significant Breakdown considering the selling pressure @ 7.00500….The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions.
–usdcnh | weekly perspective

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.