Forex News

(Last Updated October 28, 2020 7:23 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
Canada BoC Interest Rate Decision	2020	Canadian Dollar	2020-10-28	14:00 GMT	0.25%
Japan Retail Sales YoY	Sep 2020	Japanese Yen	2020-10-28	23:50 GMT	-7.7%
United States EIA Distillate Stocks Change	23/Oct 2020	US Dollar	2020-10-28	14:30 GMT	-2.065M
South Africa Inflation Rate YoY	Sep 2020	South African Rand	2020-10-28	08:00 GMT	3.1%

FX Market Hourly Update

In the preceding hour, USDMXN stands out as the biggest mover in the forex asset class on a percentage basis, rising 8 pips (0.11%). The strongest trend on the hourly timeframe can be seen on EURUSD — it’s clearly been in a downtrend over the past 20 candles. Finally, it’s worth noting that NZDJPY has crossed its 100 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 TRYJPY, USDTRY, and EURTRY. 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 NOK was the outperformer for the day, moving by 0.94%. On the flip side, TRY fared the worst, moving by -1.38%.

As for who is on a hot streak, GBPAUD 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 AUDNZD. Alternatively, on a 90 day basis, the strongest trend appears on TRYJPY. Price action traders will also want to note that a base appears to be forming on NZDCHF and EURGBP. 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, USDCAD may be of particular interest. It crossed its 20 and 50 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
AUDNZD	200
NZDCHF	100
GBPJPY	100
EURJPY	100
EURNZD	100
USDNOK	100
USDHKD	50
EURCAD	50
GBPCHF	20
USDCNH	20
EURNOK	20

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 in the Forex asset class that are near their 200 day moving average are USDHKD, EURCHF, GBPCAD, CADJPY, GBPJPY, AUDNZD and EURNOK.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on NZDUSD. Our TradingView Sentiment Indicator notches a buy/sell ratio of 0.16, suggesting traders are quite bearish on the asset. And regarding the forex pairs getting the most technical talk on TradingView, AUDJPY may be one to watch. Here’s one comment we thought was especially interesting:

AUDJPY has declined sharply since 12th October after hitting a high of 76.52, in the past few trading sessions it has made small body candlestick formations suggesting support below current levels (74.73-74.10)….It would be prudent to say that AUDJPY could rise towards 75.00 & 75.25 while it sustains above 74.10….Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved.
–audjpy near support zone

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.