USD/CAD Up 22 Pips, Crosses 20 Day Moving Average; in an Uptrend Over Past 14 Days
Out of the 40 instruments in the forex asset class, usd/cad ended up ranking 6th for the day in terms of day-over-day price change.
Forex News
(Last Updated January 27, 2021 3:24 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 |
|---|---|---|---|---|---|---|
| Japan Retail Sales YoY | Dec 2020 | Japanese Yen | 2021-01-27 | 23:50 GMT | -0.4% | |
| United States Durable Goods Orders MoM | Dec 2020 | US Dollar | 2021-01-27 | 13:30 GMT | 0.9% |
FX Market Hourly Update
In the preceding hour, USDMXN stands out as the biggest mover in the forex asset class on a percentage basis, rallying 328 pips (0.16%). Traders interested in intraday trends may wish to observe USDZAR, which has been in a downtrend over the past 20 price candles. Finally, NZDCHF‘s 20 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 USDZAR, ZARJPY, and USDTRY. 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. We see that ZAR was the big outperformer, changing by 1.07%. On the flip side, USD fared the worst, changing by -0.32%.
Forex Trend News
Over the past two weeks, the strongest trend has been on GBPAUD. Alternatively, on a 90 day basis, the strongest trend appears on NZDUSD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for GBPAUD, GBPNZD and EURJPY. 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 CADCHF, EURUSD, AUDNZD, USDCHF and USDCAD. 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, USDJPY may be of particular interest. It crossed its 20 and 50 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 |
|---|---|
| EURCAD | 200 |
| EURUSD | 50 |
| AUDUSD | 20 |
| EURNOK | 20 |
| EURSEK | 20 |
| USDCAD | 20 |
From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that USDMXN has perhaps the strongest trend. See the chart below.
Finally, instruments in the Forex asset class that are near their 200 day moving average are EURCHF, USDHKD, AUDNZD and EURCAD.
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.USD/NOK Up 195 Pips, in a Downtrend Over Past 90 Days; Eyes 20 and 200 Day Averages
The clearest trend exists on the 90 day timeframe, which shows price moving down over that time.
USD/ZAR 3 Day Up Streak Ended, in an Uptrend Over Past 14 Days; is Inching Close to 50 Day Average
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/SEK Up 264 Pips, Crosses 50 Day Moving Average; in a Downtrend Over Past 90 Days
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down.
USD/CHF Up 29 Pips; in a Downtrend Over Past 90 Days
As for the rationale, technical traders seem to be citing the appearance of divergence and wedge technical patterns.
USD/TRY Tops All Forex, Up 203 Pips; But Still in a Downtrend Over Past 14 Days
Interestingly, a trend in the other direction exists on the 90 day timeframe, where price is headed up.
EUR/NZD Underperforms All Forex, Down 77 Pips; in a Downtrend Over Past 90 Days
The price move occurred on volume — and we’re using the number of tick price changes as a proxy for volume — that was up 13.43% from the day prior, but down 12.46% from the same day the week before.
EUR/GBP Down 37 Pips, Crosses 20 and 50 Day Moving Averages; Price Base in Formation Over Past 30 Days
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.
EUR/TRY Down 188 Pips; in a Downtrend Over Past 14 Days
Volatility for eur/try has exploded over the past two weeks relative to the past 30 days, which technical traders will want to note.
AUD/NZD Down 40 Pips, Crosses 20 Day Moving Average; in a Downtrend Over Past 90 Days
The closest is the 20 day average, which is 14.9 pips away.