NZDUSD Up 2 Pips On Hourly Chart, Moves Up For the 2nd Consecutive Day; Eyes 20 Day Average
The closest is the 20 day average, which is 14 pips away.
Forex News
(Last Updated July 23, 2021 23:22 GMT)
FX Market Hourly Update
Over the past hour, AUDNZD has has made the biggest move in the forex asset class, dropping -8 pips (-0.08%). Traders interested in intraday trends may wish to observe CADJPY, which has been in an uptrend over the past 100 price candles. Last but not least, intraday traders may wish to take note of the fact that GBPCHF just breached its 20 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, EURGBP, and USDZAR. The chart below illustrates. Note that EURGBP 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. Of note is that NOK was the outperformer for the day, changing by 0.46%. Alternatively, ZAR changing by -0.68%, making it the worst performer of the bunch.
Forex Trend News
Over the past two weeks, the strongest trend has been on EURTRY. Alternatively, on a 90 day basis, the strongest trend appears on GBPAUD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for USDTRY and TRYJPY. 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 GBPNZD. 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, EURNZD 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 |
|---|---|
| GBPCAD | 200 |
| AUDJPY | 200 |
| USDJPY | 50 |
| CHFJPY | 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 GBPUSD, NZDCHF, GBPCAD, AUDJPY, USDHKD and USDCAD.
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 |
|---|---|---|
| Covid-19 and bank resilience: where do we stand? | 2021-07-22 | The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process. |
| Fiscal and monetary policy interactions in a low interest rate world | 2021-07-22 | It zooms in on the role of quantitative easing (QE) as a monetary policy instrument and on the interaction between fiscal rules and monetary policy in a low interest rate world.As a consequence, the zero lower bound (ZLB) on policy rates has become a more binding constraint for conventional monetary policy. |
| Edward Scicluna: Price stability and beyond – understanding the impact of the ECB’s Strategy Review | 2021-07-21 | The European Central Bank (ECB) recently published its new monetary policy strategy, following a year-long review process that encompassed multiple layers of stakeholders – including the public.That is where the ECB’s monetary policy strategy comes in, which quantifies price stability and in turn helps to anchor inflation expectations. |
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 4 Pips in Last Hour, Came Into Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 90 Days
Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
NZDCHF Up 2 Pips Over Past Hour, Came Into Today Up For the 3rd Consecutive Day; Eyes 20 and 200 Day Averages
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
NZDCAD Up 1 Pips in Last Hour, in an Uptrend Over Past 30 Days; Eyes 20 and 100 Day Averages
The closest is the 100 day average, which is 34.3 pips away.
GBPUSD Down 3 Pips in Last Hour, Came Into Today Up For the 2nd Consecutive Day; is Inching Close to 20 and 200 Day Averages
The closest is the 20 day average, which is 24.5 pips away.
GBPNZD Down 14 Pips On Hourly Chart, 2 Day Down Streak Broken; Price Base in Formation Over Past 14 Days
Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing.
GBPJPY Down 2 Pips On Hourly Chart, Entered Today Up For the 3rd Day In A Row; Eyes 20 Day Average
The closest is the 20 day average, which is 66.2 pips away.
GBPCHF Down 7 Pips in Last Hour, Makes Big Move Relative to Past Two Months; in a Downtrend Over Past 14 Days
Relative to other instruments in the forex asset class, gbpchf ranked 2nd yesterday in terms of percentage price change.
GBPCAD Down 10 Pips Over Past Hour, 2 Day Down Streak Ended; Crosses 200 Day Moving Average
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.
GBPAUD Down 13 Pips in Last Hour, in an Uptrend Over Past 90 Days; Doji Pattern Appearing on Chart
This is a reversal of the price action on the previous hour, in which price moved up.