Forex News

(Last Updated October 20, 2020 16:24 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
United States API Crude Oil Stock Change	16/Oct 2020	US Dollar	2020-10-20	20:30 GMT	-0.240M

FX Market Hourly Update

Over the past hour, GBPNZD has been an especially big mover in the forex market, declining -66 pips (-0.33%). Intraday trend traders may wish to note that CHFJPY has the strongest trend on the hourly timeframe over the last 20 price bars. Last but not least, it’s worth noting that EURSEK has crossed its 50 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 USDNOK. The chart below illustrates. Note that USDHKD 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. We see that TRY was the big outperformer, moving by 0.6%. On the flip side, AUD fared the worst, moving by -0.29%.

Forex Trend News

Over the past two weeks, the strongest trend has been on EURCHF. 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 EURUSD, NZDUSD, EURNOK and USDNOK. 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, EURNZD may be of particular interest. It crossed its 20 and 50 day moving averages. Outside of EURNZD, other pairs that crossed notable moving average levels include EURJPY, EURUSD, NZDUSD, EURNOK, USDNOK, CHFJPY, EURSEK, USDCHF and EURCAD; they crossed their 20, 20, 20, 20, 20, 50, 50, 50 and 100 day moving averages, respectively. 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.

Lastly, instruments in the Forex asset class that are near their 200 day moving average are EURAUD, ZARJPY, GBPJPY, USDHKD, EURCHF and AUDCHF.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on CHFJPY. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 0.07 for chfjpy, which suggests traders are quite bearish on the pair. And regarding the forex pairs getting the most technical talk on TradingView, see AUDJPY. Here’s a remark from one currency trader that we thought was especially worth sharing:

Key Points:- 1 Hour – Outside lower Bollinger Band- 1 Hour – Below RSI oversold – Price holding below the 200 EMA- Price holding below the 50 EMA- Fibonacci 78.6% retracement (October Low – October 19th high)- RSI divergency in oversold territoryKey Levels:Support – 74.450Resistance – 50 EMA, 200 EMA, 74.700, 74.930Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals….Optimal Entry – 74.470Supporting Entry – 74.500Candle Reversals for entry- Bullish Hammer- Bullish Engulfing- Bullish PiercingThe Risk:As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios….Reward / Reward Targets:Optimal Entry 74.470– Target 1 74.700 = 2x Reward to RiskOptimal Entry 74.470 – Target 2 74.930 = 4x Reward to RiskSupporting Entry 74.500 – Target 1 74.700= 1.7x Reward to Risk Supporting Entry 74.500 – Target 2 74.930 = 3x Reward to Risk
–audjpy price support at 78.6% fibonacci

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.