Forex News

(Last Updated January 27, 2021 6:24 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
Japan Retail Sales YoY	Dec 2020	Japanese Yen	2021-01-27	23:50 GMT	-0.4%
United States Durable Goods Orders MoM	Dec 2020	US Dollar	2021-01-27	13:30 GMT	0.9%

FX Market Hourly Update

Over the past hour, USDTRY has been an especially big mover in the forex market, rallying 70 pips (0.08%). The strongest trend on the hourly timeframe can be seen on CHFJPY — it’s clearly been in an uptrend over the past 20 candles. Finally, GBPNZD‘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 USDZAR, ZARJPY, and USDTRY. The chart below illustrates. Note that NZDCAD 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. We see that ZAR was the big outperformer, changing by 1.07%. On the flip side, USD fared the worst, changing by -0.32%.

Forex Trend News

Over the past two weeks, the strongest trend has been on GBPAUD. 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 GBPAUD, GBPNZD and EURJPY. 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 CADCHF, EURUSD, AUDNZD, USDCHF and USDCAD. 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, USDJPY 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
EURCAD	200
EURUSD	50
AUDUSD	20
EURNOK	20
EURSEK	20
USDCAD	20

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDMXN 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 EURCHF, USDHKD, AUDNZD and EURCAD.

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.