NZD/USD Down 1 Pips On Hourly Chart, in an Uptrend Over Past 30 Days; Price Base in Formation Over Past 14 Days
Compared to its peers in the forex, nzdusd gave its buyers a return that ranked 8th in terms of percentage change since the previous day.
Forex News
(Last Updated May 14, 2021 23:24 GMT)
FX Market Hourly Update
Over the past hour, USDMXN has has made the biggest move in the forex asset class, jumping 174 pips (0.09%). The strongest trend on the hourly timeframe can be seen on EURNOK — it’s clearly been in a downtrend over the past 20 candles. Last but not least, intraday traders may wish to take note of the fact that EURCHF just breached its 50 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 TRYJPY, USDMXN, and EURTRY. The chart below illustrates. Note that EURNOK 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 MXN was the big outperformer, moving by 0.99%. On the flip side, TRY fared the worst, moving by -0.99%.
Forex Trend News
Over the past two weeks, the strongest trend has been on ZARJPY. Alternatively, on a 90 day basis, the strongest trend appears on USDTRY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURCHF, USDCHF, EURNOK and AUDCHF. 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 NZDUSD and USDSEK. 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, AUDNZD may be of particular interest. It crossed its 20 and 100 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 |
|---|---|
| NZDUSD | 100 |
| USDSEK | 100 |
| AUDCHF | 100 |
| USDHKD | 50 |
| EURSEK | 50 |
| USDMXN | 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.
Finally, instruments USDHKD, USDCHF and AUDNZD are close to their 200 day moving average.
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 |
|---|---|---|
| CCP Auction Design | 2021-05-14 | When a clearing member defaults, the central counterparty (CCP) organises an auction to sell the member’s portfolio to surviving members.We contribute to the ongoing policy discussions of CCP auctions and to the academic literature on auction design and central clearing. |
| Leveraging technology to support central banks’ green finance agenda | 2021-05-12 | In today’s fireside chat on innovation in the financial sector, I would like to focus on how innovation can support central banks’ green finance agenda.12 See OECD (2020): OECD Business and Finance Outlook 2020 – Sustainable and Resilient Finance, OECD Publishing, Paris. |
| Lael Brainard: Patience and progress as the economy reopens and recovers | 2021-05-11 | Remarks (via webcast) by Ms Lael Brainard , Member of the Board of Governors of the Federal Reserve System, at “The Road to Recovery and What’s Next”, a virtual conference sponsored by the Society for Advancing Business Editing and Writing, 11 May 2021.Strong fiscal support and increasing vaccination rates drove a strong rebound in activity in the first quarter, and the second quarter looks to be even stronger. |
Forex Market Insights from TradingView
Regarding the forex pairs getting the most technical talk on TradingView, GBPCAD may be one to watch. Here’s one comment we thought was especially interesting:GBPCAD – wait till price retrace to right shoulder for buying, fails if break break down head.always use stop loss to minimize your risk
–GBPCAD – iHnS
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/JPY Up 1 Pips in Last Hour, Makes Big Move Relative to Two Week Trend; Eyes 20 Day Average
Volatility for nzdjpy has been contracting over the past two weeks relative to volatility over the past month.
NZD/CHF Down 1 Pips Over Past Hour, Moves Down For the 2nd Straight Day; Sentiment Suggests Sellers in Charge
The closest is the 100 day average, which is 10.9 pips away.
NZD/CAD Down 4 Pips Over Past Hour, 3 Day Down Streak Ended; in a Downtrend Over Past 14 Days
The closest is the 20 day average, which is 139.6 pips away.
GBP/USD Down 1 Pips On Hourly Chart; Moves Down For the 2nd Day In A Row
Price action traders may also wish to note that we see a pin bar candlestick pattern on gbpusd.
GBP/NZD Up 5 Pips Over Past Hour; 3 Day Up Streak Snapped
The closest is the 50 day average, which is 118.3 pips away.
GBP/JPY Up 6 Pips Over Past Hour; in an Uptrend Over Past 14 Days
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.
GBP/CHF Up 2 Pips Over Past Hour, 3 Day Up Streak Ended; Nears 20 Day Moving Average
Judging by the price action at this moment we give a higher probability for the price to break out of the trading range to the upside.
GBP/CAD Down 5 Pips in Last Hour, in a Downtrend Over Past 30 Days; Eyes 20 Day Average
The closest is the 20 day average, which is 85.1 pips away.
GBP/AUD Up 2 Pips in Last Hour, 4 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart
Or to simplify this another way, note that out of the past 10 days gbpaud’s price has gone up 6 them.