Forex News

(Last Updated January 17, 2022 10:25 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
Canada BoC Business Outlook Survey	NA	Canadian Dollar	2022-01-17	15:30 GMT

FX Market Hourly Update

In the preceding hour, USDZAR has has made the biggest move in the forex asset class, rallying 6 pips (0.36%). Traders interested in intraday trends may wish to observe GBPAUD, which has been in an uptrend over the past 50 price candles. Finally, it’s worth noting that CADJPY has crossed its 100 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, EURTRY, and USDTRY. The chart below illustrates. Note that AUDUSD, NZDCHF and USDCHF made especially large and surprising moves 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 JPY was the big outperformer, changing by 0.79%. Alternatively, TRY changing by -3.52%, making it the worst performer of the bunch.

Forex Trend News

Over the past two weeks, the strongest trend has been on GBPNZD. Alternatively, on a 90 day basis, the strongest trend appears on EURCHF. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for GBPCHF, EURCHF and USDZAR. 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 EURNOK, NZDUSD, NZDJPY and AUDNZD. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

Below is a list of currency pairs that crossed key moving average levels over the past day.

Currency Pair	Moving Average Period Crossed
USDCAD	200
EURNZD	200
EURUSD	100
CADCHF	100
ZARJPY	100
NZDUSD	50
EURCHF	50
AUDCHF	50
USDJPY	50
AUDNZD	20

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDSEK has perhaps the strongest trend. See the chart below.

One other point on moving averages: instruments GBPUSD, GBPCAD, USDHKD, USDCAD, NZDJPY, EURNZD, USDMXN, AUDNZD and EURJPY 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
Central bank digital currencies (CBDCs) in Latin America and the Caribbean	2022-01-13	While much research has examined the pros and cons of central bank digital currencies (CBDCs), there has been less focus on the relative merits of CBDCs in particular economies or global regions.We attempt to fill that gap for the Latin American and Caribbean (LAC) economies.
Informational switching costs, bank competition, and the cost of finance	2022-01-13	The first is the market power hypothesis, which claims that higher market power leads to financial constraints and wider spreads.Furthermore, there is evidence of the holdup problem, originating from informational switching costs faced by firms.
The premia on state-contingent sovereign debt instruments	2022-01-12	State-contingent debt instruments (SCDIs) have many theoretical benefits.State-contingent debt instruments such as GDP-linked warrants have garnered attention as a potential tool to help debt-stressed economies smooth repayments over business cycles, yet very few studies of the empirical properties of these instruments exist.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on AUDJPY. Our TradingView Sentiment Indicator notches a buy/sell ratio of 5, suggesting traders are very bullish on the asset. And as for which forex pairs are getting the most insightful technical conversations, see NZDCAD. Here’s a remark from one currency trader that we thought was especially worth sharing:

when you see the fifth wave in wolfe waves formed as a double bottom Be sure that the deal will kill the market🤟👌and below there is an example of my trades wolfe fifth wave double bottom running over 700 pips have a look below
–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.