NZD/CAD Down 5 Pips Over Past 4 Hours, 4 Day Down Streak Broken; in an Uptrend Over Past 90 Days
Compared to its peers in the forex, nzd/cad gave its buyers a return that ranked 5th in terms of percentage change since yesterday.
Forex News
Forex Market Summary
(Last Updated August 7, 2020 17:1 GMT)Hourly Update
In the preceding hour, USDZAR has been an especially big mover in the forex market, rising 6 pips (0.33%).Price Action on the Daily Chart
The pairs that made the biggest moves, on a percentage basis, over the past day were USDTRY, EURTRY, and TRYJPY. The chart below illustrates. Note that USDTRY 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 AUD was the outperformer for the day, moving by 0.53%. On the flip side, TRY fared the worst, moving by -2.57%.
As for who is on a hot streak, EURTRY, AUDUSD, USDZAR, GBPNZD and EURNZD have experienced upwards move in 8, 8, 8, 8 and 9 of the prior 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 NZDJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for ZARJPY, GBPNZD, EURNZD, USDZAR, NZDCHF, GBPAUD, EURSEK, AUDCHF and NZDJPY. 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 AUDJPY. 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, AUDCHF may be of particular interest. It crossed its 20 and 50 day moving averages. Outside of AUDCHF, other pairs that crossed notable moving average levels include NZDJPY, EURSEK, EURNOK, USDMXN and EURNZD; they crossed their 20, 20, 20, 20 and 100 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.
One other point on moving averages: the instrument USDHKD is close to its 200 day moving average.
Forex Market Insights from TradingView
On TradingView, a consensus may be building on CADCHF. Our TradingView Sentiment Indicator notches a buy/sell ratio of 0.06, suggesting traders are quite bearish on the asset. And as for which forex pairs are getting the most insightful technical conversations, AUDJPY may be one to watch. Here’s a remark from one currency trader that we thought was especially worth sharing:I WONT TOOK ALL THE TRADE PLAN SHARED HERE……I wont give a entry, stop loss and take profit in my chart…it is only for EDUCATIONAL PURPOSE and i am sharing how i am analyzing the pair and labeling them according to the Elliott wave theory…I AM JUST SHOWING THE TREND HOW IT MAY GO AND MY VIEW(it may wrong too)..so DON’T FOLLOW BLINDLY MY CHART..take this as a reference and if it correlate to you strategy took the trade as per your strategy…DON’T ASK ABOUT YOUR RUNNING TRADES i wont comment on them and I WONT SUGGEST TO TAKE MY TRADE SETUP….Each and every trade plan i am sharing here has a alternate view and i am sharing only the most probabilities(70-80%) here…sometimes the other (20-30%) may market do..then i will change the wave counts and labeling according to the price action.
–audjpy-updated for yesterday’s plan…complex correction again..
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.AUD/CHF Down 3 Pips On 4 Hour Chart, 2 Day Down Streak Ended; Breaks Above 20 and 50 Day Averages
This imputes a buy/sell ratio of 2, which is bullish.
GBP/CHF Down 17 Pips On 4 Hour Chart, 2 Day Down Streak Ended; is Inching Close to 100 Day Average
It should be noted, though, that a trend in the opposite direction, going down, exists on the 90 day timeframe.
CAD/CHF Down 7 Pips On 4 Hour Chart, Came Into Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 90 Days
The closest is the 20 day average, which is 50.6 pips away.
USD/NOK Down 239 Pips in Last 4 Hours; 2 Day Down Streak Snapped
This imputes a buy/sell ratio of 0, which is quite bearish.
USD/CHF Down 5 Pips in Last 4 Hours, 2 Day Down Streak Ended; in a Downtrend Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of fibonacci, trendline and triangle technical patterns.
USD/SEK Down 76 Pips in Last 4 Hours, 3 Day Down Streak Ended; in a Downtrend Over Past 90 Days
Compared to its peers in the forex, usd/sek gave its buyers a return that ranked 18th in terms of percentage change since yesterday.
USD/JPY Down 3 Pips in Last 4 Hours, Came Into Today Down For the 3rd Day In A Row; in a Downtrend Over Past 30 Days
As for the rationale, technical traders seem to be citing the appearance of double top and triangle technical patterns.
USD/CAD Up 1 Pips in Last 4 Hours, 4 Day Down Streak Ended; in a Downtrend Over Past 90 Days
The closest is the 20 day average, which is 141.8 pips away.
USD/ZAR Up 91 Pips Over Past 4 Hours; in an Uptrend Over Past 14 Days
Relative to other instruments in the forex asset class, usd/zar ranked 9th the day prior in terms of percentage price change.