The strongest and the weakest are....?
It is that time of the week to rank the strongest and the weakest currencies for the week.
And the winners are? (drum roll)....
- The GBP is the strongest, with the USD a distant 2nd.
- The NZD is the weakest, in a closer race with it's geographical neighbor the AUD.
The rankings take the % changes of each of the major currencies vs. each other for the week, and accumulates the changes. The most positive is the strongest. The most negative is the weakest. .
So, for example, the GBP has risen 3.5% vs the NZD (the NZD has lost 3.5% vs the GBP). The GBP vs AUD is up 3.07%. The GBP vs CHF is up 1.63%, etc. All those add up to 11.48% in total. Get it?
Anyway, below is the pip changes for each currency pair (NOTE although the EURGBP lost -113 pips that is a rise in the GBP vs the EUR). The GBPNZD has surged 688 pips this week.
Looking at the weekly chart of the GBPNZD (the biggest mover this week), the price moved away from the 200 week MA around the 1.9721 area and above the 38.2% at 1.9948. It is trading at the highest level since June 2016.
Drilling to the 1-hour chart below, the 100 and 200 hour MAs were converged with the price trading above and below the MAs on Monday through Wednesday.
The dam was broken on Wednesday and the price started to trend away. ON Thurday when the 2.0025-31 swing highs from September 11 and September 18th were broken, the price shot higher.
