(Last Updated October 30, 2020 2:24 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 |
|---|---|---|---|---|---|---|
| Canada GDP MoM | Aug 2020 | Canadian Dollar | 2020-10-30 | 12:30 GMT | 0.9% | |
| Switzerland KOF Leading Indicators | Oct 2020 | Swiss Franc | 2020-10-30 | 08:00 GMT | 107 | |
| Euro Area GDP Growth Rate YoY Flash | Q3 2020 | Euro | 2020-10-30 | 10:00 GMT | -7% | |
| United Kingdom Nationwide Housing Prices YoY | Oct 2020 | British Pound | 2020-10-30 | 07:00 GMT | 5.2% | |
| Japan Housing Starts YoY | Sep 2020 | Japanese Yen | 2020-10-30 | 05:00 GMT | -8.6% | |
| Mexico GDP Growth Rate QoQ | Q3 2020 | Mexican Peso | 2020-10-30 | 12:00 GMT | 11.9% | |
| United States Personal Income MoM | Sep 2020 | US Dollar | 2020-10-30 | 12:30 GMT | 0.4% |
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, moving by 0.38%. On the flip side, NOK fared the worst, moving by -1.54%.
| Currency Pair | Moving Average Period Crossed |
|---|---|
| AUDCHF | 200 |
| EURCHF | 200 |
| EURAUD | 200 |
| USDSEK | 100 |
| USDHKD | 100 |
| EURNZD | 100 |
| EURCAD | 50 |
| NZDCHF | 20 |
| NZDUSD | 20 |
| GBPNZD | 20 |
| GBPUSD | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that EURTRY has perhaps the strongest trend. See the chart below.
Lastly, instruments USDNOK, AUDCHF, ZARJPY, USDHKD, AUDNZD, EURCHF, EURAUD and GBPCAD are close to their 200 day moving average.
Hello traders,the readings on RSI and ATR, as well as the angle of the current hyperbolic move, make for difficult incentives for holding a long trade on EUR/TRY: therefore, I closed my trade about 50% through the profit target and made a healthycatch (over 26k)….In this video the key points discussed are:- ATR divergence/waning (multi-timeframe analysis);- RSI poss….divergence and also extreme reading (90+) in monthly/weekly;- angle of hyperbolic rise starting to shape toward a vertical, strikingly similar to that of the 2018 move;- extreme oversold reading in the MSCI Turkey ETF iShares and fading sell volume after historic lows warns of Lira-short exhaustion.
–eurtry: long trade closed in profit (demo) as trend at extreme.
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.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
The closest is the 20 day average, which is 47.4 pips away.
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.
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.
Relative to other instruments in the forex asset class, gbpnzd ranked 30th the previous day in terms of percentage price change.
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.
The closest is the 200 day average, which is 89.1 pips away.
The closest is the 200 day average, which is 31.2 pips away.
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.