GBP/JPY Up 49 Pips in Last 4 Hours, Price Base in Formation Over Past 90 Days; Nears 50 Day Moving Average
Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down.
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(Last Updated July 7, 2020)The Latest News on Price
The pairs that made the biggest moves, on a percentage basis, over the past day were USDCNH, ZARJPY, 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. We see that CNH was the big outperformer, moving by 0.75%. On the flip side, JPY fared the worst, moving by -0.07%.
As for who is on a hot streak, AUDUSD and AUDCHF have now rallied 8 out of the past ten trading days.
Forex Trend News
Over the past two weeks, the strongest trend has been on CHFJPY. Alternatively, on a 90 day basis, the strongest trend appears on GBPNZD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for 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 GBPCAD and GBPCHF. Price bases often precede increases in volatility and a clear trend.Moving Averages in the Forex World
Pairs that crossed notable moving average levels include TRYJPY, GBPCAD and USDCNH; they crossed their 20, 20 and 200 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 TRYJPY has perhaps the strongest trend. See the chart below.
One other point on moving averages: instruments in the Forex asset class that are near their 200 day moving average are USDCAD, EURCHF, USDHKD, EURNOK and USDCNH.
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.USD/MXN Up 259 Pips Over Past 4 Hours, Moves Down For the 2nd Day In A Row; in a Downtrend Over Past 90 Days
It should be noted, though, that a trend in the opposite direction, going up, exists on the 30 day timeframe.
EUR/TRY Up 41 Pips On 4 Hour Chart, Makes Big Move Relative to Two Week Trend; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 7 out of the past 14 days.
NZD/JPY Up 6 Pips Over Past 4 Hours, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days
The closest is the 20 day average, which is 107 pips away.
AUD/JPY Up 3 Pips On 4 Hour Chart, Moves Up For the 2nd Day In A Row; in an Uptrend Over Past 14 Days
This imputes a buy/sell ratio of 1.83, which is bullish.
CHF/JPY Up 10 Pips in Last 4 Hours, Moves Up For the 2nd Day In A Row; Social Sentiment Biased Towards Selling
Compared to its peers in the forex, chf/jpy gave its buyers a return that ranked 7th in terms of percentage change since yesterday.
CAD/JPY Up 9 Pips Over Past 4 Hours, is Inching Close to 20 Day Average; Pin Bar Pattern Appearing on Chart
As for the rationale, technical traders seem to be citing the appearance of double top and flag technical patterns.
AUD/USD Down 5 Pips in Last 4 Hours; Moves Up For the 2nd Day In A Row
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/USD Up 1 Pips On 4 Hour Chart, Entered Today Up For the 2nd Day In A Row; Sentiment Suggests Sellers in Charge
This imputes a buy/sell ratio of 0, which is quite bearish.
USD/TRY Up 10 Pips Over Past 4 Hours, is Inching Close to 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart
But, let’s not get carried away with that idea just yet. 🙂 as for the rationale, technical traders seem to be citing the appearance of a fibonacci technical pattern.