NZDUSD Down 3 Pips Over Past Hour, Entered Today Up For the 3rd Consecutive Day; in an Uptrend Over Past 90 Days
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
Forex News
(Last Updated January 22, 2021 13:24 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 Retail Sales MoM | Nov 2020 | Canadian Dollar | 2021-01-22 | 13:30 GMT | 0.1% | |
| United States Markit Services PMI Flash | Jan 2021 | US Dollar | 2021-01-22 | 14:45 GMT | 53.6 |
FX Market Hourly Update
Over the past hour, USDZAR stands out as the biggest mover in the forex asset class on a percentage basis, dropping -3 pips (-0.2%). Intraday trend traders may wish to note that USDCAD has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, NZDJPY‘s 50 hour moving average has just been breached.Price Action on the Daily Chart
The pairs that made the biggest moves, on a percentage basis, over the past day were USDSEK, USDMXN, and USDNOK. The chart below illustrates. None of the moves in the past day were especially noteworthy in terms of their size relative to their volatility over the past 30 days.
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 SEK was the big outperformer, changing by 0.59%. On the flip side, MXN fared the worst, changing by -0.76%.
And in terms of interesting streaks, GBPNZD has now rallied 8 out of the past ten trading days.
Forex Trend News
Over the past two weeks, the strongest trend has been on GBPCHF. Alternatively, on a 90 day basis, the strongest trend appears on NZDUSD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for NZDCAD, GBPNZD, USDSEK, USDCHF, EURUSD, EURJPY and CHFJPY. 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 USDZAR and USDJPY. 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, GBPCAD 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 |
|---|---|
| USDTRY | 200 |
| NZDCAD | 50 |
| EURUSD | 50 |
| EURJPY | 50 |
| GBPAUD | 20 |
| CHFJPY | 20 |
| EURSEK | 20 |
| USDCHF | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDZAR has perhaps the strongest trend. See the chart below.
Lastly, instruments in the Forex asset class that are near their 200 day moving average are USDHKD, EURCHF and AUDNZD.
Forex Market Insights from TradingView
On TradingView, a consensus may be building on NZDCHF. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 5 for nzdchf, suggesting traders are very bullish on the asset. And regarding the forex pairs getting the most technical talk on TradingView, EURAUD may be one to watch. Here’s one comment we thought was especially interesting:Up trend momentum so strong, good to buy.
–#EURAUD LONG – Uptrend
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.NZDJPY Up 2 Pips On Hourly Chart, Entered Today Up For the 3rd Day In A Row; Eyes 20 Day Average
Relative to other instruments in the forex asset class, nzdjpy ranked 14th the previous day in terms of percentage price change.
NZDCHF Up 5 Pips Over Past Hour, in an Uptrend Over Past 90 Days; Nears 20 Day Moving Average
The clearest trend exists on the 90 day timeframe, which shows price moving up over that time.
NZDCAD Down 1 Pips in Last Hour, Entered Today Up For the 2nd Straight Day; Crosses 50 Day Moving Average
It should be noted, though, that a trend in the opposite direction, going up, exists on the 90 day timeframe.
GBPNZD Down 3 Pips On Hourly Chart, in an Uptrend Over Past 14 Days; Eyes 20 and 50 Day Averages
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time.
GBPUSD Down 10 Pips On Hourly Chart, Entered Today Up For the 3rd Straight Day; in an Uptrend Over Past 90 Days
And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
GBPJPY Up 2 Pips On Hourly Chart, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart
Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
GBPCHF Up 7 Pips Over Past Hour, 3 Day Up Streak Broken; in an Uptrend Over Past 90 Days
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
GBPCAD Down 5 Pips Over Past Hour, Breaks Above 20 and 50 Day Averages; Pin Bar Pattern Appearing on Chart
Relative to other instruments in the forex asset class, gbpcad ranked 4th yesterday in terms of percentage price change.
GBPAUD Down 12 Pips in Last Hour, Breaks Above 20 Day Average; Pin Bar Pattern Appearing on Chart
For additional context, note that price has gone up 7 out of the past 10 days.