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Forex News

(Last Updated March 9, 2021 0:24 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
Euro Area GDP Growth Rate QoQ 3rd Est Q4 2020 Euro 2021-03-09 10:00 GMT -0.6%
Mexico Inflation Rate YoY Feb 2021 Mexican Peso 2021-03-09 12:00 GMT 3.72%
South Africa GDP Growth Rate YoY Q4 2020 South African Rand 2021-03-09 09:30 GMT -4.6%

FX Market Hourly Update

In the preceding hour, EURNOK has has made the biggest move in the forex asset class, declining -282 pips (-0.28%). Traders interested in intraday trends may wish to observe USDJPY, which has been in an uptrend over the past 20 price candles. Last but not least, it’s worth noting that NZDCHF has crossed its 20 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 USDZAR, USDCHF, and CADCHF. The chart below illustrates. Note that NZDCAD made an especially large and surprising move 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. Of note is that USD was the outperformer for the day, changing by 0.68%. Alternatively, ZAR changing by -0.99%, making it the worst performer of the bunch.


And in terms of interesting streaks, USDCHF, GBPCHF, USDTRY, EURCHF and EURTRY have now rallied 8, 8, 9, 8 and 8 out of the past ten trading days.


Forex Trend News

Over the past two weeks, the strongest trend has been on TRYJPY. Alternatively, on a 90 day basis, the strongest trend appears on GBPJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for TRYJPY, EURTRY, USDTRY and CHFJPY. 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 and GBPCAD. 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
USDTRY 200
GBPNZD 200
USDZAR 100
USDSEK 100
CHFJPY 100
USDNOK 50
AUDCAD 50
AUDUSD 50
NZDUSD 50
EURNOK 20
EURNZD 20
USDCAD 20
GBPCAD 20
GBPUSD 20

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDZAR 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 USDMXN, USDTRY, GBPNZD, GBPAUD, AUDNZD and USDHKD.


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.

NZDUSD Up 2 Pips On Hourly Chart, Fares the Worst Out of Forex; Moves Down For the 2nd Day In A Row

Categories Forex News Tags NZDUSD
March 9, 2021March 5, 2021

It may be worth observing that nzdusd was the worst performer of the 39 members in the forex asset class over the past day.

NZDJPY Up 2 Pips Over Past Hour; Pin Bar Pattern Appearing on Chart

Categories Forex News Tags NZDJPY
March 9, 2021March 5, 2021

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.

NZDCHF Up 8 Pips in Last Hour, in an Uptrend Over Past 14 Days; Doji and Pin Bar Patterns Appearing on Chart

Categories Forex News Tags NZDCHF
March 9, 2021March 5, 2021

Or to simplify this another way, note that out of the past 10 days nzdchf’s price has gone up 7 them.

NZDCAD Down 6 Pips in Last Hour, Makes Big Move Relative to Past Two Months; Entered Today Down For the 2nd Straight Day

Categories Forex News Tags NZDCAD
March 9, 2021March 5, 2021

It’s been a feast for bears operating on an hourly timeframe, as nzdcad has now gone down 4 of the past 5 hours.

GBPUSD Down 0 Pips On Hourly Chart, Moves Down For the 2nd Straight Day; in an Uptrend Over Past 90 Days

Categories Forex News Tags GBPUSD
March 9, 2021March 5, 2021

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 Down 3 Pips Over Past Hour, Entered Today Up For the 2nd Straight Day; Breaks Above 200 Day Average

Categories Forex News Tags GBPNZD
March 9, 2021March 5, 2021

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.

GBPJPY Up 11 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Entered Today Up For the 3rd Consecutive Day

Categories Forex News Tags GBPJPY
March 9, 2021March 5, 2021

Volatility for gbpjpy has been contracting over the past two weeks relative to volatility over the past month.

GBPCHF Up 14 Pips On Hourly Chart, Moves Up For the 4th Straight Day; in an Uptrend Over Past 90 Days

Categories Forex News Tags GBPCHF
March 9, 2021March 5, 2021

If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.

GBPCAD Down 5 Pips in Last Hour, 2 Day Up Streak Broken; Breaks Below 20 Day Average

Categories Forex News Tags GBPCAD
March 9, 2021March 5, 2021

Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.

GBPAUD Down 3 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Eyes 100 and 200 Day Averages

Categories Forex News Tags GBPAUD
March 9, 2021March 5, 2021

The closest is the 200 day average, which is 10.4 pips away.

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