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Forex News

(Last Updated June 24, 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 RBA Gov Lowe Speech NA Australian Dollar 2022-06-24 11:30 GMT
European Union European Council Meeting NA Euro 2022-06-24 08:00 GMT
United Kingdom Retail Sales MoM May 2022 British Pound 2022-06-24 06:00 GMT -0.7%
Turkey Business Confidence Jun 2022 Turkish Lira 2022-06-24 07:00 GMT
United States New Home Sales May 2022 US Dollar 2022-06-24 14:00 GMT 0.588M

FX Market Hourly Update

In the preceding hour, AUDJPY has has made the biggest move in the forex asset class, rallying 16 pips (0.17%). Intraday trend traders may wish to note that EURSEK has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, NZDCHF‘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 NZDCHF, NZDJPY, and EURNZD. The chart below illustrates. Note that EURNZD 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 CHF was the big outperformer, changing by 0.68%. On the flip side, NOK fared the worst, changing by -0.9%.


And in terms of interesting streaks, EURSEK 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 EURNOK. Alternatively, on a 90 day basis, the strongest trend appears on USDJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURCAD, CADCHF and AUDNZD. 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 GBPJPY. 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, GBPNZD may be of particular interest. It crossed its 100 and 200 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
CADCHF 100
AUDNZD 50

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.



One other point on moving averages: the instrument in the Forex asset class that is near its 200 day moving average is GBPNZD.

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
Jerome H Powell: Semiannual Monetary Policy Report to the Congress 2022-06-23 Chairman Brown, Ranking Member Toomey, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.At the Fed, we understand the hardship high inflation is causing.
Sethaput Suthiwartnarueput: The Thai economy – the current state and the way forward 2022-06-23 Then, I would like to conclude by offering you some thoughts about going beyond, not only about some of the things that we see in the financial sector but also more broadly about the Thai economy and how it might fit in with you and your strategy in the region.It is a great pleasure for me to be here.
Yi Gang: Global inflation, interest rate hikes and economic stability 2022-06-23 the Annual Conference of the Boao Forum for Asia

Today, I will mainly talk about China’s economic outlook and monetary policy response.This is a good example of a combination of an accommodative monetary policy and proactive fiscal policy.



Forex Market Insights from TradingView

On TradingView, a consensus may be building on AUDJPY. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 5.5 for audjpy, which suggests traders are very bullish on the pair. And as for which forex pairs are getting the most insightful technical conversations, NZDCAD may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:

NZDCAD – We took out the previous weekly high, and we also look bearish on the HTF Monthly chart. I will wait to see how price will react below the previous weekly open. If price reject this area, break structure to the down from that level , hoppefully we can have an orderblock that price might mitigate before the down move to take out the previous weekly low.
–NZDCAD



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/USD Up 8 Pips Over Past Hour

Categories Forex News Tags NZDUSD
July 4, 2022

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.

NZD/JPY Down 5 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Nears 50 Day Moving Average

Categories Forex News Tags NZDJPY
July 4, 2022

Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up.

NZD/CAD Up 13 Pips On Hourly Chart; in a Downtrend Over Past 90 Days

Categories Forex News Tags NZDCAD
July 4, 2022

Relative to other instruments in the forex asset class, nzdcad ranked 24th the day prior in terms of percentage price change.

NZD/CHF Up 1 Pips On Hourly Chart, in a Downtrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

Categories Forex News Tags NZDCHF
July 4, 2022

Price action traders may also wish to note that we see a doji candlestick pattern on nzdchf.

GBP/USD Down 4 Pips in Last Hour; Makes Big Move Relative to Two Week Trend

Categories Forex News Tags GBPUSD
July 4, 2022

The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.

GBP/NZD Down 3 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; is Inching Close to 20, 50, 100 and 200 Day Averages

Categories Forex News Tags GBPNZD
July 4, 2022

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.

GBP/JPY Down 7 Pips On Hourly Chart, Moves Down For the 4th Straight Day; Nears 50 Day Moving Average

Categories Forex News Tags GBPJPY
July 4, 2022

Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.

GBP/CHF Down 3 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; in a Downtrend Over Past 14 Days

Categories Forex News Tags GBPCHF
July 4, 2022

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.

GBP/CAD Up 20 Pips Over Past Hour; in a Downtrend Over Past 90 Days

Categories Forex News Tags GBPCAD
July 4, 2022

Relative to other instruments in the forex asset class, gbpcad ranked 25th yesterday in terms of percentage price change.

GBP/AUD Up 6 Pips On Hourly Chart, 3 Day Down Streak Broken; is Inching Close to 100 Day Average

Categories Forex News Tags GBPAUD
July 4, 2022

This is a reversal of the price action on the previous hour, in which price moved down.

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