NZD/USD Up 2 Pips On Hourly Chart, Moves Down For the 3rd Consecutive Day; Breaks Below 20 Day Average
The closest is the 50 day average, which is 17.4 pips away.
Forex News
(Last Updated August 18, 2022 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 |
|---|---|---|---|---|---|---|
| Australia Unemployment Rate | Jul 2022 | Australian Dollar | 2022-08-18 | 01:30 GMT | 3.5% | |
| Switzerland Balance of Trade | Jul 2022 | Swiss Franc | 2022-08-18 | 06:00 GMT | ||
| China FDI (YTD) YoY | Jul 2022 | Chinese Yuan | 2022-08-18 | 07:00 GMT | ||
| Euro Area Inflation Rate YoY Final | Jul 2022 | Euro | 2022-08-18 | 09:00 GMT | 8.9% | |
| United Kingdom Gfk Consumer Confidence | Aug 2022 | British Pound | 2022-08-18 | 23:01 GMT | -42 | |
| Japan Inflation Rate YoY | Jul 2022 | Japanese Yen | 2022-08-18 | 23:30 GMT | ||
| Norway Norges Bank Interest Rate Decision | 2022 | Norwegian Krone | 2022-08-18 | 08:00 GMT | 1.75% | |
| New Zealand Balance of Trade | Jul 2022 | New Zealand Dollar | 2022-08-18 | 22:45 GMT | ||
| Turkey TCMB Interest Rate Decision | 2022 | Turkish Lira | 2022-08-18 | 11:00 GMT | 14% | |
| United States Existing Home Sales | Jul 2022 | US Dollar | 2022-08-18 | 14:00 GMT | 4.89M |
FX Market Hourly Update
In the preceding hour, USDNOK stands out as the biggest mover in the forex asset class on a percentage basis, jumping 229 pips (0.24%). Intraday trend traders may wish to note that EURGBP has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, intraday traders may wish to take note of the fact that USDCHF 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 ZARJPY, GBPJPY, and TRYJPY. The chart below illustrates. Note that ZARJPY, GBPJPY and NZDCHF 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. We see that ZAR was the big outperformer, moving by 0.82%. Alternatively, JPY moving by -0.65%, making it the worst performer of the bunch.
And in terms of interesting streaks, NZDJPY 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 GBPCHF. Alternatively, on a 90 day basis, the strongest trend appears on USDTRY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for NZDCAD, USDZAR and NZDUSD. 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. 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, AUDJPY 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 |
|---|---|
| AUDCAD | 100 |
| AUDNZD | 50 |
| USDZAR | 50 |
| AUDCHF | 20 |
| EURTRY | 20 |
| GBPCAD | 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 CADCHF, USDHKD and EURGBP are close to their 200 day moving average.
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 |
|---|
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 Down 6 Pips Over Past Hour, Makes Big Move Relative to Past Two Months; Price Base in Formation Over Past 30 Days
Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
NZD/CHF Down 5 Pips On Hourly Chart, Makes Big Move Relative to Past Month; in a Downtrend Over Past 90 Days
This imputes a buy/sell ratio of 0.33, which is bearish.
GBP/USD Up 5 Pips in Last Hour
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.
NZD/CAD Up 5 Pips Over Past Hour, in an Uptrend Over Past 30 Days; is Inching Close to 20 and 50 Day Averages
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
GBP/NZD Down 0 Pips On Hourly Chart, Moves Up For the 3rd Straight Day; Nears 20 Day Moving Average
This move is a reversal from the hour prior, which saw price move up.
GBP/JPY Down 13 Pips Over Past Hour, Price Base in Formation Over Past 14 and 90 Days; Pin Bar Pattern Appearing on Chart
Price action traders in particular will want to note that the 14 and 90 day periods appears to show price forming a base; this could indicate that a support/resistance level is developing.
GBP/CAD Up 10 Pips in Last Hour; Eyes 20 and 50 Day Averages
Compared to its peers in the forex, gbpcad gave its buyers a return that ranked 21st in terms of percentage change since the previous day.
GBP/CHF Down 10 Pips Over Past Hour; in a Downtrend Over Past 14 Days
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.
GBP/AUD Down 12 Pips Over Past Hour, Makes Big Move Relative to Past Three Months; in a Downtrend Over Past 14 Days
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down.