Arzik Finance



FX Market Hourly Update

In the preceding hour, CADJPY has has made the biggest move in the forex asset class, falling -3080 pips (-0.35%). Traders interested in intraday trends may wish to observe NZDCHF, which has been in a downtrend over the past 50 price candles. Last but not least, EURNOK‘s 100 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 USDNOK, EURNOK, and AUDCHF. 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 CHF was the outperformer for the day, changing by 0.36%. Alternatively, NOK changing by -1.12%, making it the worst performer of the bunch.

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 AUDUSD. Interestingly, a countertrend appears on the 14 day relative to the 90 day timeframe appears for USDTRY and EURUSD. 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 USDNOK and NZDUSD. Price bases often precede increases in volatility and a clear trend.

From the perspective of the alignment of moving averages — meaning where moving averages are ordered by their duration — we see that AUDUSD has perhaps the strongest trend. See the chart below.