Forex Market Technical Analysis Summary for Oct 11, 2019

Major FX Pairs Technical Analysis Market Overview Report for Oct 11, 2019 | by Techniquant Editorial Team

Highlights

USDCAD declines to lowest close since September 11th

GBPUSD pushes through key technical resistance level

USDCHF unable to break through key resistance level

AUDUSD breaks above 50-day moving average for the first time since September 17th

EURUSD fails to close above 50-day moving average

USDJPY closes higher for the 3rd day in a row

NZDUSD pushes through Thursday's high

Summary

With six out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 1.67% and AUDUSD closing 0.47% higher. On the flipside the worst performer has been USDCAD closing -0.67% lower.

One of today's most interesting market conditions in the Major FX Pairs showed up in GBPUSD: Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for GBP/USD. Out of 85 times, GBPUSD closed lower 56.47% 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 55.29% with an average market move of -0.38%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 2.23% and GBPJPY closing 2.1% higher. The worst performers of the day have been CHFZAR tanking -1.88% and USDZAR closing -1.87% lower.

Major FX Pairs Overviews

USDCAD

USDCAD 1.3202 -0.0089 (-0.67%) Moving lower for the 2nd day in a row, USDCAD ended the week -0.83% lower at 1.3202 after tanking 89 pips (-0.67%) today on high volume. This is the biggest single-day loss in over a month. Today's close at 1.3202 marks the lowest recorded closing price since September 11th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 1.3269, the market confirmed its breakout through the previous session low after trading up to 98 pips below it intraday. Read more

GBPUSD

GBPUSD 1.2649 0.0208 (1.67%) Moving higher for the 2nd day in a row, GBPUSD ended the week 2.56% higher at 1.2649 after surging 208 pips (1.67%) today on high volume. Today's close at 1.2649 marks the highest recorded closing price since June 28th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 1.2470, the currency confirmed its breakout through the prior session high after trading up to 237 pips above it intraday. Read more

USDCHF

USDCHF 0.9969 0.0001 (0.01%) Moving higher for the 3rd day in a row, USDCHF finished the week 0.14% higher at 0.9969 after edging higher 1 pip (0.01%) today on high volume. Trading 21 pips higher after the open, the FX pair was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 1st, USDCHF actually gained 0.38% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Read more

AUDUSD

AUDUSD 0.6793 0.0032 (0.47%) Moving higher for the 2nd day in a row, AUDUSD ended the week 0.34% higher at 0.6793 after gaining 32 pips (0.47%) today on high volume. Closing above Thursday's high at 0.6775, AUD/USD confirmed its breakout through the prior session high after trading up to 35 pips above it intraday. Read more

EURUSD

EURUSD 1.1038 0.0033 (0.30%) Moving higher for the 3rd day in a row, EURUSD ended the week 0.55% higher at 1.1038 after gaining 33 pips (0.3%) today on high volume. Today's close at 1.1038 marks the highest recorded closing price since September 19th. Closing above Thursday's high at 1.1034, the pair confirmed its breakout through the previous session high after trading up to 29 pips above it intraday. Read more

USDJPY

USDJPY 108.43 0.48 (0.44%) Moving higher for the 3rd day in a row, USDJPY ended the week 1.41% higher at 108.43 after gaining 48 pips (0.44%) today on high volume. Today's close at 108.43 marks the highest recorded closing price since September 18th. Closing above Thursday's high at 108.02, the Yen confirmed its breakout through the previous session high after trading up to 62 pips above it intraday. Read more

NZDUSD

NZDUSD 0.6338 0.0018 (0.28%) Moving higher for the 2nd day in a row, NZDUSD finished the week 0.32% higher at 0.6338 after gaining 18 pips (0.28%) today on high volume. Today's close at 0.6338 marks the highest recorded closing price since September 17th. Closing above Thursday's high at 0.6335, the Kiwi confirmed its breakout through the previous session high after trading up to 19 pips above it intraday. Read more