EUR/NZD Up 38 Pips in Last 4 Hours, Price Base in Formation Over Past 30 Days; Pin Bar Pattern Appearing on Chart
Price is finding support, eur picking up momentumstill expecting the price to dip below before long!…
Forex News
(Last Updated March 5, 2021 23:24 GMT)
FX Market Hourly Update
Over the past hour, USDZAR stands out as the biggest mover in the forex asset class on a percentage basis, rallying 2 pips (0.15%). The strongest trend on the hourly timeframe can be seen on EURUSD — it’s clearly been in a downtrend over the past 50 candles. Finally, intraday traders may wish to take note of the fact that AUDJPY just breached its 100 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 USDZAR, USDCHF, and CADCHF. 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. Of note is that USD was the outperformer for the day, changing by 0.68%. On the flip side, ZAR fared the worst, changing by -0.99%.
And in terms of interesting streaks, USDCHF, GBPCHF, USDTRY, EURCHF and EURTRY have experienced upwards move in 8, 8, 9, 8 and 8 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 GBPJPY. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for TRYJPY, EURTRY, USDTRY and CHFJPY. 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 USDCAD and GBPCAD. Price bases often precede increases in volatility and a clear trend.Moving Averages in the Forex World
Below is a list of currency pairs that crossed key moving average levels over the past day.| Currency Pair | Moving Average Period Crossed |
|---|---|
| USDTRY | 200 |
| GBPNZD | 200 |
| USDZAR | 100 |
| USDSEK | 100 |
| CHFJPY | 100 |
| USDNOK | 50 |
| AUDCAD | 50 |
| AUDUSD | 50 |
| NZDUSD | 50 |
| EURNOK | 20 |
| EURNZD | 20 |
| USDCAD | 20 |
| GBPCAD | 20 |
| GBPUSD | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDZAR 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 USDMXN, USDTRY, GBPNZD, GBPAUD, AUDNZD and USDHKD.
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.GBP/AUD Up 63 Pips in Last 4 Hours, in a Downtrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart
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.
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I also like that the stochastic is rolling over on both time-frames.
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And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well.
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As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
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