NZD/USD Up 7 Pips On Hourly Chart, Underperforms All Forex; is Inching Close to 200 Day Average
Volatility for nzdusd has been contracting over the past two weeks relative to volatility over the past month.
Forex News
(Last Updated December 9, 2022 0:25 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 |
|---|---|---|---|---|---|---|
| China Inflation Rate YoY | Nov 2022 | Chinese Yuan | 2022-12-09 | 01:30 GMT | 1.6% | |
| United States PPI MoM | Nov 2022 | US Dollar | 2022-12-09 | 13:30 GMT | 0.2% |
FX Market Hourly Update
Over the past hour, GBPAUD stands out as the biggest mover in the forex asset class on a percentage basis, dropping -18 pips (-0.1%). Traders interested in intraday trends may wish to observe AUDNZD, which has been in an uptrend over the past 20 price candles. Last but not least, it’s worth noting that USDTRY has crossed 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 ZARJPY, USDMXN, and USDJPY. The chart below illustrates. Note that EURAUD, GBPJPY, NZDJPY, GBPCHF, AUDCHF and NZDCHF 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. Of note is that ZAR was the outperformer for the day, changing by 1.39%. Alternatively, MXN changing by -1.82%, making it the worst performer of the bunch.
And in terms of interesting streaks, EURCAD and GBPCAD have experienced upwards move in 8 of the prior ten trading days.
Forex Trend News
Over the past two weeks, the strongest trend has been on GBPCAD. 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 EURJPY and EURNOK. 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 USDMXN, NZDJPY and AUDCHF. 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, EURNOK may be of particular interest. It crossed its 20 and 50 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 |
|---|---|
| USDJPY | 200 |
| EURNZD | 200 |
| EURJPY | 100 |
| USDMXN | 50 |
| USDCAD | 50 |
| AUDCHF | 50 |
| NZDJPY | 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.
One other point on moving averages: instruments in the Forex asset class that are near their 200 day moving average are GBPNZD, GBPUSD and NZDUSD.
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 |
|---|
Forex Market Insights from TradingView
Regarding the forex pairs getting the most technical talk on TradingView, GBPAUD may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:Nice, inverted head and shoulder pattern. Wave 5 has already started to complete its impulse wave. Put my limit order on the neckline👍
–GBPAUD
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/CHF Up 8 Pips On Hourly Chart, 4 Day Up Streak Broken; Pin Bar Pattern Appearing on Chart
This move is a reversal from the hour prior, which saw price move down.
NZD/JPY Down 1 Pips Over Past Hour, Makes Big Move Relative to Past Month; Crosses 20 Day Moving Average
This move is a reversal from the hour prior, which saw price move up.
NZD/CAD Up 11 Pips in Last Hour, 4 Day Up Streak Ended; Pin Bar Pattern Appearing on Chart
This imputes a buy/sell ratio of 0, which is quite bearish.
GBP/NZD Down 18 Pips On Hourly Chart, Makes Big Move Relative to Two Week Trend; is Inching Close to 20, 100 and 200 Day Averages
The clearest trend exists on the 30 day timeframe, which shows price moving down over that time.
GBP/USD Down 0 Pips in Last Hour, 3 Day Up Streak Snapped; is Inching Close to 200 Day Average
Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
GBP/JPY Down 19 Pips in Last Hour, Makes Big Move Relative to Past Month; 2 Day Down Streak Ended
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.
GBP/CHF Up 2 Pips in Last Hour, Makes Big Move Relative to Past Month; 4 Day Up Streak Broken
Also of note is that on the 30 and 90 day bases price appears to be forming a base — which could the stage for it being a support/resistance level going forward.
GBP/AUD Down 27 Pips in Last Hour, in an Uptrend Over Past 14 Days; Social Sentiment Biased Towards Selling
Wave 5 has already started to complete its impulse wave.
GBP/CAD Down 0 Pips in Last Hour, Moves Up For the 3rd Consecutive Day; in an Uptrend Over Past 14 Days
Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.