NZDUSD Up 2 Pips On Hourly Chart, Fares the Worst Out of Forex; Moves Down For the 2nd Day In A Row
It may be worth observing that nzdusd was the worst performer of the 39 members in the forex asset class over the past day.
(Last Updated March 9, 2021 0:24 GMT)
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 GDP Growth Rate QoQ 3rd Est | Q4 2020 | Euro | 2021-03-09 | 10:00 GMT | -0.6% | |
Mexico Inflation Rate YoY | Feb 2021 | Mexican Peso | 2021-03-09 | 12:00 GMT | 3.72% | |
South Africa GDP Growth Rate YoY | Q4 2020 | South African Rand | 2021-03-09 | 09:30 GMT | -4.6% |
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 USD was the outperformer for the day, changing by 0.68%. Alternatively, ZAR changing by -0.99%, making it the worst performer of the bunch.
And in terms of interesting streaks, USDCHF, GBPCHF, USDTRY, EURCHF and EURTRY have now rallied 8, 8, 9, 8 and 8 out of the past ten trading days.
Currency Pair | Moving Average Period Crossed |
---|---|
USDTRY | 200 |
GBPNZD | 200 |
USDZAR | 100 |
USDSEK | 100 |
CHFJPY | 100 |
USDNOK | 50 |
AUDCAD | 50 |
AUDUSD | 50 |
NZDUSD | 50 |
EURNOK | 20 |
EURNZD | 20 |
USDCAD | 20 |
GBPCAD | 20 |
GBPUSD | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDZAR has perhaps the strongest trend. See the chart below.
Finally, instruments in the Forex asset class that are near their 200 day moving average are USDMXN, USDTRY, GBPNZD, GBPAUD, AUDNZD and USDHKD.
It may be worth observing that nzdusd was the worst performer of the 39 members in the forex asset class over the past day.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
Or to simplify this another way, note that out of the past 10 days nzdchf’s price has gone up 7 them.
It’s been a feast for bears operating on an hourly timeframe, as nzdcad has now gone down 4 of the past 5 hours.
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.
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.
Volatility for gbpjpy has been contracting over the past two weeks relative to volatility over the past month.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
Given that we see downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
The closest is the 200 day average, which is 10.4 pips away.