Forex News

(Last Updated November 27, 2020 1:23 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
Euro Area Consumer Confidence Final	Nov 2020	Euro	2020-11-27	10:00 GMT	-17.6
United Kingdom Nationwide Housing Prices YoY	Nov 2020	British Pound	2020-11-27	07:00 GMT	5.4%
Mexico Balance of Trade	Oct 2020	Mexican Peso	2020-11-27	12:00 GMT	$3.575B
Sweden GDP Growth Rate QoQ Final	Q3 2020	Swedish Krona	2020-11-27	08:30 GMT	4.4%

FX Market Hourly Update

In the preceding hour, USDMXN stands out as the biggest mover in the forex asset class on a percentage basis, rallying 451 pips (0.23%). Intraday trend traders may wish to note that USDCAD has the strongest trend on the hourly timeframe over the last 20 price bars. Last but not least, EURSEK‘s 20 hour moving average has just been breached.

Price Action on the Daily Chart

The pairs that made the biggest moves, on a percentage basis, over the past day were USDTRY, USDNOK, and TRYJPY. 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 TRY was the outperformer for the day, changing by 0.79%. On the flip side, USD fared the worst, changing by -0.32%.

And in terms of interesting streaks, GBPUSD 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 NZDCAD. Alternatively, on a 90 day basis, the strongest trend appears on USDCNH. Price action traders will also want to note that a base appears to be forming on CADCHF. 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
CHFJPY	50
USDHKD	50
EURCAD	20
EURTRY	20

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

Lastly, the instrument USDHKD is close to its 200 day moving average.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on GBPJPY. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 0.11 for gbpjpy, suggesting traders are quite bearish on the asset. And as for which forex pairs are getting the most insightful technical conversations, USDJPY may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:

We have the USD/JPY exchange rate is a clearly defined short sell channel….The fundamentals driving a weaker dollar is the rest of the world recovering from the Pandemic in 2020 on the vaccine news, which means the U.S will no longer outgrow the rest of world economies as it did between 2018 – 2020….We look at sell set ups with entry price, stop-loss price and one-month volatility analysis
–usdjpy – short sell

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.