(Last Updated September 23, 2020 17:22 GMT)



FX Market Hourly Update

Price Action on the Daily Chart

In the preceding hour,has been anin the forex market, falling -3 pips (-0.19%). The strongest trend on the hourly timeframe can be seen on— it’s clearly been in a downtrend over the past 50 candles. Finally,‘shas just been breached.The pairs that made the, on a percentage basis, over the past day were. 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. Of note is that USD was the outperformer for the day, changing by 0.52%. Alternatively, MXN changing by -1.75%, making it the worst performer of the bunch.



And in terms of interesting streaks, USDTRY has experienced upwards move in 8 of the prior ten trading days.



Forex Trend News

Moving Averages in the Forex World

Over the past two weeks, theAlternatively, on a 90 day basis, the strongest trend appears on. Interestingly, aon the 14 day relative to the 90 day timeframe appears for. 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. Price bases often precede increases in volatility and a clear trend.For those who pay attention to moving averages,may be of particular interest. It crossed its 20 and 200 day moving averages. Outside of, other pairs that crossed notable moving average levels includeand; they crossed their 20, 50, 50, 50, 50, 50, 50, 50 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. See the chart below.





Finally, instruments USDMXN, USDHKD, NZDCHF, EURNZD and GBPUSD are close to their 200 day moving average.





Forex Market Insights from TradingView

We saw the breakout bring us to near 78.80 price level….From here, I am seeing a high possibility rejection off this support level as we aim for a nice 61.8 fib level retracement before further movement….There will also be a nice resistance level at the 61.8 fib level signaling a strong resistance pressure on this pair.

–long trade for cadjpy…bouncing off this level!!!

On TradingView, a consensus may be building on. The CFDTrading TradingView Sentiment Indicator reports a buy/sell ratio (a measure of buyers to sellers) of 5.4 for gbpnzd, which suggests traders are very bullish on the pair. And regarding the forex pairs getting the most technical talk on TradingView, see. Here’s one comment we thought was especially interesting:





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.