NZD/JPY Down 31 Pips in Last Hour, 5 Day Up Streak Ended; in an Uptrend Over Past 30 Days
This is a reversal of the price action on the previous hour, in which price moved up.
(Last Updated June 24, 2022 0:24 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 |
---|---|---|---|---|---|---|
Australia RBA Gov Lowe Speech | NA | Australian Dollar | 2022-06-24 | 11:30 GMT | ||
European Union European Council Meeting | NA | Euro | 2022-06-24 | 08:00 GMT | ||
United Kingdom Retail Sales MoM | May 2022 | British Pound | 2022-06-24 | 06:00 GMT | -0.7% | |
Turkey Business Confidence | Jun 2022 | Turkish Lira | 2022-06-24 | 07:00 GMT | ||
United States New Home Sales | May 2022 | US Dollar | 2022-06-24 | 14:00 GMT | 0.588M |
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 CHF was the big outperformer, changing by 0.68%. On the flip side, NOK fared the worst, changing by -0.9%.
And in terms of interesting streaks, EURSEK has experienced upwards move in 8 of the prior ten trading days.
Currency Pair | Moving Average Period Crossed |
---|---|
CADCHF | 100 |
AUDNZD | 50 |
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: the instrument in the Forex asset class that is near its 200 day moving average is GBPNZD.
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 |
---|---|---|
Jerome H Powell: Semiannual Monetary Policy Report to the Congress | 2022-06-23 | Chairman Brown, Ranking Member Toomey, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.At the Fed, we understand the hardship high inflation is causing. |
Sethaput Suthiwartnarueput: The Thai economy – the current state and the way forward | 2022-06-23 | Then, I would like to conclude by offering you some thoughts about going beyond, not only about some of the things that we see in the financial sector but also more broadly about the Thai economy and how it might fit in with you and your strategy in the region.It is a great pleasure for me to be here. |
Yi Gang: Global inflation, interest rate hikes and economic stability | 2022-06-23 | the Annual Conference of the Boao Forum for Asia
Today, I will mainly talk about China’s economic outlook and monetary policy response.This is a good example of a combination of an accommodative monetary policy and proactive fiscal policy. |
NZDCAD – We took out the previous weekly high, and we also look bearish on the HTF Monthly chart. I will wait to see how price will react below the previous weekly open. If price reject this area, break structure to the down from that level , hoppefully we can have an orderblock that price might mitigate before the down move to take out the previous weekly low.
–NZDCAD
This is a reversal of the price action on the previous hour, in which price moved up.
This is a reversal of the price action on the previous hour, in which price moved up.
It may be worth observing that nzdchf was the worst performer of the 39 members in the forex asset class over the past day.
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
This is the 2nd consecutive hour gbpusd has seen its price head down.
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.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Relative to other instruments in the forex asset class, gbpchf ranked 31st yesterday in terms of percentage price change.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
Interestingly, a trend in the other direction exists on the 30 and 90 day timeframes, where price is headed down.