Forex Market Technical Analysis Summary for Feb 08, 2019


Major FX Pairs Technical Analysis Market Overview Report for Feb 08, 2019 | by Techniquant Editorial Team

Highlights

EURUSD unable to break through key resistance level
USDCHF runs into sellers around 1.0028 for the third day in a row
USDJPY closes within previous day's range after lackluster session
NZDUSD closes below its opening price unable to hold early session gains
GBPUSD finds buyers at key support level
AUDUSD breaks below Thursday's low
USDCAD runs into sellers again around 1.3329

Summary

With seven out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.23% and AUDUSD closing -0.21% lower. None of the markets managed to end the day in the green.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 659 times, USDJPY closed lower 54.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.14% with an average market move of -0.03%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDTHB surging 0.72% and USDNOK closing 0.5% higher. The worst performers of the day have been EURTRY tanking -0.64% and AUDCHF closing -0.42% lower.

Major FX Pairs Overviews

EURUSD 1.1322 -0.0017 (-0.15%) Moving lower for the 5th day in a row, EURUSD finished the week -1.17% lower at 1.1322 after losing 17 pips (-0.15%) today on low volume. Trading 11 pips higher after the open, the Euro was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 1.1324, the Fiber confirmed its breakout through the previous session low after trading up to 3 pips below it intraday. Read more
USDCHF 1.0003 -0.0021 (-0.21%) USDCHF finished the week 0.47% higher at 1.0003 after losing 21 pips (-0.21%) today 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
USDJPY 109.75 -0.07 (-0.06%) Moving lower for the 2nd day in a row, USDJPY finished the week 0.23% higher at 109.75 after losing 7 pips (-0.06%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
NZDUSD 0.6744 -0.0005 (-0.07%) Moving lower for the 3rd day in a row, NZDUSD finished the week -2.18% lower at 0.6744 after losing 5 pips (-0.07%) today on low volume. Trading 16 pips higher after the open, the Kiwi was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session. Read more
GBPUSD 1.2942 -0.0010 (-0.08%) GBPUSD finished the week -1.06% lower at 1.2942 after losing 10 pips (-0.08%) today on low volume. Trading 24 pips higher after the open, the currency was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
AUDUSD 0.7088 -0.0015 (-0.21%) Moving lower for the 3rd day in a row, AUDUSD ended the week -2.22% lower at 0.7088 after losing 15 pips (-0.21%) today. Today's close at 0.7088 marks the lowest recorded closing price since January 3rd. Closing below Thursday's low at 0.7089, the Ozzie confirmed its breakout through the previous session low after trading up to 28 pips below it intraday. Read more
USDCAD 1.3277 -0.0031 (-0.23%) USDCAD ended the week 1.34% higher at 1.3277 after losing 31 pips (-0.23%) today on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for British Pound/Polish Zloty (GBPPLN) as at Feb 22, 2019
Feb 22, 2019
Daily technical analysis candlestick chart for Euro/Hungarian Forint (EURHUF) as at Feb 22, 2019
Feb 22, 2019
Daily technical analysis candlestick chart for Canadian Dollar/Japanese Yen (CADJPY) as at Feb 22, 2019
Feb 22, 2019
Daily technical analysis candlestick chart for Euro/Canadian Dollar (EURCAD) as at Feb 22, 2019
Feb 22, 2019
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