Forex Market Technical Analysis Summary for Dec 05, 2018


Major FX Pairs Technical Analysis Market Overview Report for Dec 05, 2018 | by Techniquant Editorial Team

Highlights

AUDUSD dominated by bears dragging the market lower throughout the day
USDCAD pushes through Tuesday's high
USDJPY breaks back above 50-day moving average
GBPUSD closes above its opening price after recovering from early selling pressure
EURUSD finds buyers at key support level
USDCHF closes within previous day's range after lackluster session
NZDUSD breaks below Tuesday's low

Summary

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are USDCAD gaining 0.68% and USDJPY closing 0.36% higher. On the flipside the worst performers have been AUDUSD closing -0.94% lower and NZDUSD losing -0.43%.

One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for AUD/USD. Out of 515 times, AUDUSD closed higher 56.89% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.59% with an average market move of 0.23%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been TRYJPY surging 1.53% and GBPAUD closing 1.06% higher. The worst performers of the day have been USDTRY tanking -1.14% and EURTRY closing -1.12% lower.

Major FX Pairs Overviews

AUDUSD 0.7269 -0.0069 (-0.94%) Moving lower for the 2nd day in a row, AUDUSD ended Wednesday at 0.7269 tanking 69 pips (-0.94%). This is the biggest single-day loss in over two weeks. The last time we've seen such an unusually strong single-day loss on November 20th, AUDUSD actually gained 0.69% on the following trading day. The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 0.7326, the forex pair confirmed its breakout through the prior session low after trading up to 66 pips below it intraday. Read more
USDCAD 1.3354 0.0090 (0.68%) Moving higher for the 2nd day in a row, USDCAD finished Wednesday at 1.3354 surging 90 pips (0.68%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on November 20th, USDCAD actually lost -0.57% on the following trading day. Today's close at 1.3354 marks the highest recorded closing price since June 9, 2017. Closing above Tuesday's high at 1.3270, USD/CAD confirmed its breakout through the prior session high after trading up to 129 pips above it intraday. Read more
USDJPY 113.19 0.41 (0.36%) USDJPY ended Wednesday at 113.19 gaining 41 pips (0.36%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
GBPUSD 1.2735 0.0019 (0.15%) GBPUSD finished Wednesday at 1.2735 gaining 19 pips (0.15%). Trading up to 47 pips lower after the open, the FX pair managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more
EURUSD 1.1344 0.0001 (0.01%) EURUSD finished Wednesday at 1.1344 edging higher 1 pip (0.01%) on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
USDCHF 0.9977 0.0000 (0.00%) USDCHF ended Wednesday at 0.9977 flat on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
NZDUSD 0.6899 -0.0030 (-0.43%) NZDUSD finished Wednesday at 0.6899 losing 30 pips (-0.43%) on low volume. Closing below Tuesday's low at 0.6918, the market confirmed its breakout through the previous session low after trading up to 29 pips below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Euro/Danish Krone (EURDKK) as at Dec 07, 2018
Dec 07, 2018
Daily technical analysis candlestick chart for South African Rand/Japanese Yen (ZARJPY) as at Dec 07, 2018
Dec 07, 2018
Daily technical analysis candlestick chart for US Dollar/South African Rand (USDZAR) as at Dec 07, 2018
Dec 07, 2018
Daily technical analysis candlestick chart for US Dollar/Polish Zloty (USDPLN) as at Dec 07, 2018
Dec 07, 2018
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