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Forex News

(Last Updated May 20, 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
Switzerland Industrial Production YoY Q1 2022 Swiss Franc 2022-05-20 06:30 GMT
China Loan Prime Rate 1Y 2022 Chinese Yuan 2022-05-20 01:15 GMT
Euro Area Consumer Confidence Flash May 2022 Euro 2022-05-20 14:00 GMT -21.5
United Kingdom Retail Sales MoM Apr 2022 British Pound 2022-05-20 06:00 GMT -0.2%
Turkey Consumer Confidence May 2022 Turkish Lira 2022-05-20 07:00 GMT

FX Market Hourly Update

In the preceding hour, USDNOK has has made the biggest move in the forex asset class, rising 174 pips (0.18%). Traders interested in intraday trends may wish to observe USDCHF, which has been in a downtrend over the past 20 price candles. Finally, it’s worth noting that USDTRY has crossed 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 USDNOK, GBPJPY, and NZDJPY. The chart below illustrates. Note that NZDCHF 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 JPY was the outperformer for the day, changing by 1.59%. Alternatively, NOK changing by -1.88%, making it the worst performer of the bunch.


As for who is on a hot streak, USDTRY has experienced upwards move in 9 of the prior ten trading days.


Forex Trend News

Over the past two weeks, the strongest trend has been on TRYJPY. Alternatively, on a 90 day basis, the strongest trend appears on USDJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for CHFJPY, NZDJPY, GBPJPY, EURJPY, GBPNZD, AUDJPY, USDJPY, ZARJPY and CADJPY. 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 AUDCHF. 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, GBPCHF 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
EURJPY 50
GBPJPY 50
USDCAD 20
EURGBP 20
USDJPY 20
EURCHF 20
CADJPY 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: the instrument GBPNZD is close to its 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
Inequality hysteresis 2022-05-19 Growing economic inequality has become a matter of increasing public and policymaking concern in recent years, driven by the compounded effects of technical change and rapid globalisation not fully offset by anti-poverty and inequality mitigating policies.Taken together, these results point to the risk of an adverse feedback loop: recessions persistently worsen inequality, and greater inequality serves to deepen recessions.
Commodity market disruptions, growth and inflation 2022-05-18 The BIS hosts nine international organisations engaged in standard setting and the pursuit of financial stability through the Basel Process.
Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies 2022-05-18 This “shadow crypto financial system” serves both retail and institutional clients, such as dedicated investment funds.While the role of retail investors has received much attention, we know less about the role of financial intermediaries in this sector.



Forex Market Insights from TradingView

On TradingView, a consensus may be building on USDMXN. Our TradingView Sentiment Indicator notches a buy/sell ratio of 5, which suggests traders are very bullish on the pair. And as for which forex pairs are getting the most insightful technical conversations, GBPJPY may be one to watch. Here’s one comment we thought was especially interesting:

The British pound has fallen hard during the trading session on Wednesday as we continue to see bearish behavior in the Sterling.
–GBP/JPY Price Forecast – The British Pound Falls Hard



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.

EUR/AUD Up 1 Pips Over Past Hour, in a Downtrend Over Past 90 Days; is Inching Close to 20 Day Average

Categories Forex News Tags EURAUD
May 20, 2022

It should be noted, though, the 50 day simple moving average turned upwards, which may be a bullish sign.

CAD/JPY Up 1 Pips in Last Hour, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

Categories Forex News Tags CADJPY
May 20, 2022

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.

CAD/CHF Down 1 Pips Over Past Hour, Moves Down For the 3rd Straight Day; Crosses 20 Day Moving Average

Categories Forex News Tags CADCHF
May 20, 2022

Relative to other instruments in the forex asset class, cadchf ranked 35th the previous day in terms of percentage price change.

USD/ZAR Up 45 Pips in Last Hour, Breaks Below 20 Day Average; in an Uptrend Over Past 30 Days

Categories Forex News Tags USDZAR
May 20, 2022

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.

USD/TRY Down 25 Pips On Hourly Chart, 5 Day Up Streak Ended; in an Uptrend Over Past 14 Days

Categories Forex News Tags USDTRY
May 20, 2022

This is a reversal of the price action on the previous hour, in which price moved up.

USD/SEK Up 63 Pips On Hourly Chart, Breaks Below 20 Day Average; in an Uptrend Over Past 30 Days

Categories Forex News Tags USDSEK
May 20, 2022

Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.

USD/NOK Down 206 Pips Over Past Hour, Underperforms All Forex; But Still in an Uptrend Over Past 14 Days

Categories Forex News Tags USDNOK
May 20, 2022

The clearest trend exists on the 30 day timeframe, which shows price moving up over that time.

USD/JPY Up 3 Pips On Hourly Chart, Moves Down For the 2nd Consecutive Day; in an Uptrend Over Past 90 Days

Categories Forex News Tags USDJPY
May 20, 2022

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up.

USD/MXN Up 54 Pips On Hourly Chart; in a Downtrend Over Past 14 Days

Categories Forex News Tags USDMXN
May 20, 2022

The closest is the 50 day average, which is 2560.5 pips away.

AUD/USD Down 1 Pips in Last Hour, in a Downtrend Over Past 30 Days; Eyes 20 Day Average

Categories Forex News Tags AUDUSD
May 20, 2022

For additional context, note that price has gone up 5 out of the past 10 days.

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