(Last Updated December 10, 2020 2:24 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|
|Euro Area ECB Interest Rate Decision||2020||Euro||2020-12-10||12:45 GMT||0%|
|United Kingdom GDP 3-Month Avg||Oct 2020||British Pound||2020-12-10||07:00 GMT||10.1%|
|Sweden CPIF YoY||Nov 2020||Swedish Krona||2020-12-10||08:30 GMT||0.1%|
|United States Core Inflation Rate YoY||Nov 2020||US Dollar||2020-12-10||13:30 GMT||1.6%|
FX Market Hourly Update
In the preceding hour, GBPNZD has been an especially big mover in the forex market, rallying 27 pips (0.14%). Intraday trend traders may wish to note that NZDJPY has the strongest trend on the hourly timeframe over the last 20 price bars. Last but not least, intraday traders may wish to take note of the fact that AUDCHF just breached its 50 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, AUDNZD, and EURAUD. The chart below illustrates. None of the moves in the past day were especially noteworthy in terms of their size relative to their volatility over the past 30 days.
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 AUD was the big outperformer, changing by 0.48%. Alternatively, NOK changing by -0.7%, making it the worst performer of the bunch.
Forex Trend News
Over the past two weeks, the strongest trend has been on USDCHF. Alternatively, on a 90 day basis, the strongest trend appears on USDCNH. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for EURNZD and NZDCHF. Trading against the 14 day trend in favor of the 90 day trend may be an opportunity some traders would favor on these pairs.
Moving Averages in the Forex World
For those who pay attention to moving averages, EURGBP may be of particular interest. It crossed its 50 and 100 day moving averages. Below is a list of currency pairs that crossed key moving average levels over the past day.
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.
Forex Market Insights from TradingView
On TradingView, a consensus may be building on EURAUD. Our TradingView Sentiment Indicator notches a buy/sell ratio of 5, implying traders are predominantly very bullish in their outlook for the instrument. And as for which forex pairs are getting the most insightful technical conversations, check out EURCHF. Here’s one comment we thought was especially interesting:
EUR/CHF 12/9/20 – Wed –…
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