Forex News

(Last Updated October 29, 2020 4:23 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
Euro Area Consumer Confidence Final	Oct 2020	Euro	2020-10-29	10:00 GMT	-15.5
United Kingdom Nationwide Housing Prices YoY	Oct 2020	British Pound	2020-10-29	07:00 GMT	5.2%
Japan Unemployment Rate	Sep 2020	Japanese Yen	2020-10-29	23:30 GMT	3.1%
United States GDP Growth Rate QoQ Adv	Q3 2020	US Dollar	2020-10-29	12:30 GMT	31%

FX Market Hourly Update

In the preceding hour, NZDJPY has been an especially big mover in the forex market, declining -15 pips (-0.21%). In comparison to the entire asset class, USDHKD may be worth examining a bit closer; its move of 16 pips is well beyond its typical variance over the past 5 days on the hourly chart. The strongest trend on the hourly timeframe can be seen on CADJPY — it’s clearly been in a downtrend over the past 50 candles. Last but not least, intraday traders may wish to take note of the fact that NZDJPY just breached 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, EURNOK, and USDMXN. The chart below illustrates. Note that CADCHF 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 JPY was the outperformer for the day, changing by 0.85%. Alternatively, NOK changing by -2.04%, making it the worst performer of the bunch.

As for who is on a hot streak, GBPAUD has now rallied 8 out of the past ten trading days.

Forex Trend News

Over the past two weeks, the strongest trend has been on USDJPY. Alternatively, on a 90 day basis, the strongest trend appears on EURTRY. Price action traders will also want to note that a base appears to be forming on EURGBP and NZDCHF. 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, NZDCHF 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
EURAUD	200
GBPJPY	200
AUDCHF	200
CADJPY	200
EURSEK	100
EURNZD	100
AUDUSD	100
EURCAD	50
GBPUSD	50
NZDUSD	50
EURNOK	20
USDMXN	20
GBPCHF	20
ZARJPY	20

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.

Lastly, instruments in the Forex asset class that are near their 200 day moving average are EURAUD, EURNZD, USDHKD, AUDNZD, EURCHF, NZDCHF, AUDCHF and ZARJPY.

Forex Market Insights from TradingView

On TradingView, a consensus may be building on EURCAD. Our TradingView Sentiment Indicator notches a buy/sell ratio of 0.18, implying traders are predominantly quite bearish in their outlook for the instrument. And regarding the forex pairs getting the most technical talk on TradingView, see GBPAUD. Here’s a remark from one currency trader that we thought was especially worth sharing:

Key Points:- Volume dropping with higher high and higher low candles- Price holding above the 200 EMA- Price holding above the 50 EMA- RSI in overbought territory and possible divergence between peaksKey Levels:Support – 1.83688, 1.83260, 50 EMA, 200 EMAResistance – 1.84500, 1.85160Entry Zone: Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals….Optimal Entry – 1.83260Supporting Entry – 1.83688Candle Reversals for entry- Bullish Hammer- Bullish Engulfing- Bullish PiercingThe Risk:As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios….Reward / Reward Targets:Optimal Entry 1.83260 – Target 1 1.85160 = 4x Reward to RiskSupporting Entry 1.83688 – Target 1 1.85160 = 1.7 Reward to Risk
–gbpaud bullish to 1.85160

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.