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.
(Last Updated August 18, 2022 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 |
---|---|---|---|---|---|---|
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 |
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.
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.
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 |
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The closest is the 50 day average, which is 17.4 pips away.
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.
This imputes a buy/sell ratio of 0.33, which is bearish.
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.
The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.
This move is a reversal from the hour prior, which saw price move up.
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.
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.
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.
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.