NZD/USD Down 0 Pips On Hourly Chart, 6 Day Down Streak Broken; Pin Bar Pattern Appearing on Chart
This is a reversal of the price action on the previous hour, in which price moved up.
Forex News
(Last Updated May 16, 2022 6:24 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 |
|---|---|---|---|---|---|---|
| Canada Housing Starts | Apr 2022 | Canadian Dollar | 2022-05-16 | 12:15 GMT | 246.4K | |
| Euro Area European Commission Spring Forecasts | NA | Euro | 2022-05-16 | 09:00 GMT | ||
| United Kingdom BoE Monetary Policy Report Hearings | NA | British Pound | 2022-05-16 | 14:00 GMT | ||
| United States NY Empire State Manufacturing Index | May 2022 | US Dollar | 2022-05-16 | 12:30 GMT | 17 |
FX Market Hourly Update
Over the past hour, AUDJPY stands out as the biggest mover in the forex asset class on a percentage basis, rising 16 pips (0.18%). The strongest trend on the hourly timeframe can be seen on EURUSD — it’s clearly been in a downtrend over the past 100 candles. Last but not least, intraday traders may wish to take note of the fact that USDHKD just breached 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 AUDJPY, CADJPY, and NZDJPY. The chart below illustrates. Note that EURTRY, GBPCHF and EURCAD 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. Of note is that NOK was the outperformer for the day, changing by 1.06%. Alternatively, JPY changing by -0.97%, making it the worst performer of the bunch.
As for who is on a hot streak, CADCHF has now rallied 8 out of the past ten trading days.
Forex Trend News
Over the past two weeks, the strongest trend has been on EURNOK. Alternatively, on a 90 day basis, the strongest trend appears on USDHKD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURNZD, GBPNZD, NZDJPY, CHFJPY, GBPCHF, GBPJPY and EURAUD. Trading against the 14 day trend in favor of the 90 day trend may be an opportunity some traders would favor on these pairs.Moving Averages in the Forex World
For those who pay attention to moving averages, AUDCHF 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 |
|---|---|
| GBPNZD | 200 |
| NZDJPY | 100 |
| GBPJPY | 100 |
| CHFJPY | 100 |
| NZDCHF | 100 |
| USDJPY | 20 |
| USDMXN | 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.
Finally, instruments in the Forex asset class that are near their 200 day moving average are GBPNZD and EURNZD.
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 |
|---|---|---|
| Computers and money: the work of the Basel Committee on cryptoassets | 2022-05-12 | The Committee will in due course evaluate the impact of all of its reforms after they are implemented.5
Cryptoassets and DeFi: some progress, but much more work needed There was a quip about three years ago that described cryptoassets as “everything you don’t understand about money combined with everything you don’t understand about computers”.6 I think it’s fair to say that, since then, our understanding of both the economic and technological dimensions of cryptoassets has deepened.7 Despite our better understanding of cryptoassets and DeFi, the jury is still out when it comes to ascertaining how best to harness their oft-cited promises and benefits, while mitigating their risks and safeguarding financial stability.Cryptoassets and DeFi: the work of the Basel Committee What does that backdrop mean for the Basel Committee and our mandate to strengthen the regulation, supervision and practices of banks worldwide? |
| Lessons from Covid-19 on Basel reforms and next steps | 2022-05-11 | Then I will draw on the Committee’s work on evaluating the Basel III reforms, starting with the report on “Early lessons from the Covid-19 pandemic on the Basel reforms”1 published last July.The early lessons from Covid-19 on Basel reforms
The overall resilience of the banking system The Covid-19 shock was the first global test for the Basel reforms since they were introduced in response to the GFC. |
| It takes two: Fiscal and monetary policy in Mexico | 2022-05-11 | The intertwined channels of fiscal and monetary policy are a challenge for policymakers.By design, the fiscal authority and the central bank decide and implement each form of policy independently. |
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 Up 12 Pips in Last Hour, 6 Day Down Streak Snapped; Crosses 100 Day Moving Average
Price action traders may also wish to note that we see a pin bar candlestick pattern on nzdjpy.
NZD/CAD Up 6 Pips in Last Hour, Moves Down For the 5th Consecutive Day; in a Downtrend Over Past 30 Days
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
NZD/CHF Up 1 Pips Over Past Hour, Makes Big Move Relative to Two Week Trend; Breaks Above 100 Day Average
It should be noted, though, the 100 day simple moving average turned upwards, which may be a bullish sign.
GBP/USD Up 10 Pips Over Past Hour, 3 Day Down Streak Broken; in a Downtrend Over Past 90 Days
This is the 2nd consecutive hour gbpusd has seen its price head up.
GBP/NZD Down 2 Pips Over Past Hour; Crosses 200 Day Moving Average
It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.
GBP/CHF Up 1 Pips Over Past Hour, Makes Big Move Relative to Past Month; Came Into Today Up For the 2nd Straight Day
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
GBP/JPY Up 21 Pips Over Past Hour, 4 Day Down Streak Broken; Crosses 100 Day Moving Average
Compared to its peers in the forex, gbpjpy gave its buyers a return that ranked 5th in terms of percentage change since yesterday.
GBP/CAD Up 5 Pips in Last Hour; in a Downtrend Over Past 30 Days
Volatility for gbpcad has been contracting over the past two weeks relative to volatility over the past month.
GBP/AUD Down 6 Pips in Last Hour, in a Downtrend Over Past 90 Days; Nears 20 and 50 Day Moving Averages
Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.