Forex News

Forex Market Summary

(Last Updated September 18, 2020 23:22 GMT)

FX Market Hourly Update

In the preceding hour, USDZAR has been an especially big mover in the forex market, jumping 3 pips (0.15%). Intraday trend traders may wish to note that CADJPY has the strongest trend on the hourly timeframe over the last 20 price bars. Finally, intraday traders may wish to take note of the fact that USDHKD just breached 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 EURTRY, USDTRY, and EURNOK. The chart below illustrates. Note that USDHKD 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 ZAR was the outperformer for the day, changing by 0.45%. Alternatively, TRY changing by -0.72%, making it the worst performer of the bunch.

And in terms of interesting streaks, USDTRY has now rallied 9 out of the past ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on GBPJPY. Alternatively, on a 90 day basis, the strongest trend appears on EURTRY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for GBPJPY, GBPUSD, EURSEK, AUDJPY, EURJPY, USDCAD, USDNOK, USDSEK 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 EURNZD and USDCHF. Price bases often precede increases in volatility and a clear trend.

Moving Averages in the Forex World

Pairs that crossed notable moving average levels include EURUSD, USDNOK, CADCHF and AUDNZD; they crossed their 20, 50, 50 and 50 day moving averages, respectively. 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.

Finally, instruments in the Forex asset class that are near their 200 day moving average are USDHKD, EURNZD and CADJPY.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on EURJPY. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 0.11 for eurjpy, implying traders are predominantly quite bearish in their outlook for the instrument. And regarding the forex pairs getting the most technical talk on TradingView, EURNZD may be one to watch. Here’s one comment we thought was especially interesting:

Evening Traders, Second analysis – EURNZD- holding Daily S/R with bullish price action, local S/R retest probable, Point to consider,- Impulse sell – Daily S/R (support)- Oscillators diverging (Resistance)- Volume influx EURNZD has had an impulse sell into key Daily S/R that is currently holding support….A volume influx is probable at this HTF support, this will be indicative of price expansion deviating from Daily S/R….Price action is to be used upon discretion/ management of trade.
–eurnzd daily sr bullish divergence|.50 fibonacci|price action

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.