NZDUSD Up 1 Pips On Hourly Chart, Price Base in Formation Over Past 90 Days; Eyes 20 Day Average
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
Forex News
(Last Updated April 13, 2021 8:24 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 |
|---|---|---|---|---|---|---|
| Japan Machinery Orders MoM | Feb 2021 | Japanese Yen | 2021-04-13 | 23:50 GMT | 2.8% | |
| United States Core Inflation Rate YoY | Mar 2021 | US Dollar | 2021-04-13 | 12:30 GMT | 1.5% |
FX Market Hourly Update
Over the past hour, NZDCHF has has made the biggest move in the forex asset class, rising 10 pips (0.15%). The strongest trend on the hourly timeframe can be seen on EURSEK — it’s clearly been in an uptrend over the past 50 candles. Last but not least, intraday traders may wish to take note of the fact that AUDCHF 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 GBPCAD, EURSEK, and CADJPY. 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. We see that TRY was the big outperformer, changing by 0.34%. Alternatively, SEK changing by -0.5%, making it the worst performer of the bunch.
And in terms of interesting streaks, CHFJPY 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 EURAUD. Alternatively, on a 90 day basis, the strongest trend appears on CADCHF. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURAUD, EURUSD, EURGBP, AUDNZD, USDCHF, GBPNZD, CADCHF, AUDCHF, GBPCHF, EURCAD, USDJPY and EURCHF. 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 EURSEK, EURNZD and TRYJPY. 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 |
|---|---|
| GBPAUD | 200 |
| GBPUSD | 100 |
| NZDJPY | 50 |
| EURSEK | 20 |
| USDCAD | 20 |
| USDJPY | 20 |
| CADJPY | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that ZARJPY has perhaps the strongest trend. See the chart below.
One other point on moving averages: instruments GBPCAD, EURSEK, AUDCAD, GBPAUD, EURUSD and USDHKD are close to their 200 day moving average.
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 0.12 for chfjpy, which suggests traders are quite bearish on the pair.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.NZDJPY Down 21 Pips in Last Hour, Came Into Today Down For the 2nd Day In A Row; Crosses 50 Day Moving Average
This is a reversal of the price action on the previous hour, in which price moved up.
NZDCHF Up 2 Pips Over Past Hour, Moves Down For the 2nd Straight Day; is Inching Close to 100 Day Average
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
NZDCAD Up 5 Pips Over Past Hour, Eyes 20 Day Average; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 14 days nzdcad’s price has gone up 9 them.
GBPUSD Down 1 Pips Over Past Hour, Came Into Today Up For the 2nd Day In A Row; Crosses 100 Day Moving Average
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
GBPNZD Down 2 Pips in Last Hour, Entered Today Up For the 2nd Consecutive Day; Nears 20 Day Moving Average
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
GBPJPY Down 43 Pips Over Past Hour, Came Into Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 30 Days
Or to simplify this another way, note that out of the past 10 days gbpjpy’s price has gone up 6 them.
GBPCHF Up 2 Pips in Last Hour, Nears 50 Day Moving Average; Doji and Pin Bar Patterns Appearing on Chart
Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
GBPCAD Up 8 Pips Over Past Hour, Tops All Forex; Nears 20 and 200 Day Moving Averages
The closest is the 200 day average, which is 19.8 pips away.
GBPAUD Down 0 Pips in Last Hour; Breaks Above 200 Day Average
Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.