Forex News

(Last Updated September 28, 2022 0:25 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
Australia Retail Sales MoM	Aug 2022	Australian Dollar	2022-09-28	01:30 GMT	0.4%
Euro Area ECB President Lagarde Speech	NA	Euro	2022-09-28	07:15 GMT
United Kingdom BoE Dhingra Speech	NA	British Pound	2022-09-28	18:00 GMT
United States Fed Daly Speech	NA	US Dollar	2022-09-28	00:35 GMT

FX Market Hourly Update

Over the past hour, GBPUSD has been an especially big mover in the forex market, declining -27 pips (-0.25%). Intraday trend traders may wish to note that NZDCHF has the strongest trend on the hourly timeframe over the last 20 price bars. Last but not least, GBPUSD‘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 GBPUSD, GBPCHF, and GBPJPY. The chart below illustrates. Note that USDMXN, ZARJPY, NZDCAD, EURTRY, EURUSD, GBPNZD, GBPAUD, GBPCAD, GBPJPY and GBPCHF made especially large and surprising moves 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 USD was the outperformer for the day, changing by 1.37%. On the flip side, GBP fared the worst, changing by -2.65%.

As for who is on a hot streak, USDSEK, USDZAR, USDNOK and EURSEK have experienced upwards move in 8 of the prior ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on AUDNZD. Alternatively, on a 90 day basis, the strongest trend appears on EURCHF. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURCAD. 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 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, USDMXN may be of particular interest. It crossed its 20, 50 and 100 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
NZDJPY	200
AUDJPY	100
TRYJPY	20
GBPCAD	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.

Finally, instruments USDMXN, USDHKD, ZARJPY and NZDJPY are close to their 200 day moving average.

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
Quantifying the role of interest rates, the Dollar and Covid in oil prices	2022-09-23	Which are the key determinants of oil prices, and what role do financial factors play in Brent price formation?The results underscore the importance of incorporating financial factors into oil models: US interest rates, the dollar and the VIX together account for 39% of the models’ RMSE reduction in the post-2010 sample, rising to 48% in the post-2020 sample.

Forex Market Insights from TradingView

Regarding the forex pairs getting the most technical talk on TradingView, AUDCAD may be one to watch. Here’s one comment we thought was especially interesting:

Waiting for price to retest 0.89161 or 0.89601to short AUDCAD back down to weekly swing lowsat 0.87310.If you agree drop a like and if you have any questions leave a comment :)
–AUDCAD SHORT – WEEKLY LOWS TARGETED!

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.