Forex Market Technical Analysis Summary for Nov 07, 2019


Major FX Pairs Technical Analysis Market Overview Report for Nov 07, 2019 | by Techniquant Editorial Team

Highlights

EURUSD closes lower for the 4th day in a row
NZDUSD finds support at 50-day moving average
USDCAD closes below its opening price unable to hold early session gains
USDCHF rises to highest close since October 16th
AUDUSD runs into sellers again around 0.6913
USDJPY unable to break through key resistance level
GBPUSD breaks below Wednesday's low

Summary

With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.32% and EURUSD closing -0.14% lower. On the flipside the best performers have been USDJPY closing 0.28% higher and USDCHF gaining 0.21%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for USD/CAD. Out of 61 times, USDCAD closed higher 50.82% 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 62.30% with an average market move of 0.43%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 0.68% and AUDJPY closing 0.48% higher. The worst performers of the day have been GBPZAR tanking -0.81% and EURNOK closing -0.81% lower.

Major FX Pairs Overviews

EURUSD 1.1050 -0.0016 (-0.14%) Moving lower for the 4th day in a row, EURUSD finished Thursday at 1.1050 losing 16 pips (-0.14%). Today's close at 1.1050 marks the lowest recorded closing price since October 15th. Trading 24 pips higher after the open, the pair was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 1.1065, the Fiber confirmed its breakout through the prior session low after trading up to 29 pips below it intraday. Read more
NZDUSD 0.6368 -0.0001 (-0.02%) Moving lower for the 4th day in a row, NZDUSD finished Thursday at 0.6368 edging lower 1 pip (-0.02%). Trading up to 25 pips lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
USDCAD 1.3174 -0.0008 (-0.06%) USDCAD ended Thursday at 1.3174 losing 8 pips (-0.06%). Trading 14 pips higher after the open, the market 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 failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
USDCHF 0.9949 0.0021 (0.21%) Moving higher for the 4th day in a row, USDCHF finished Thursday at 0.9949 gaining 21 pips (0.21%). Today's close at 0.9949 marks the highest recorded closing price since October 16th. Closing above Wednesday's high at 0.9940, the currency confirmed its breakout through the previous session high after trading up to 35 pips above it intraday. Read more
AUDUSD 0.6898 0.0014 (0.20%) AUDUSD ended Thursday at 0.6898 gaining 14 pips (0.2%) on high volume. Trading up to 22 pips lower after the open, the Aussie 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
USDJPY 109.28 0.30 (0.28%) USDJPY finished Thursday at 109.28 gaining 30 pips (0.28%). Today's close at 109.28 marks the highest recorded closing price since May 30th. Trading up to 32 pips lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 109.20, the FX pair confirmed its breakout through the previous session high after trading up to 29 pips above it intraday. Read more
GBPUSD 1.2814 -0.0041 (-0.32%) Moving lower for the 2nd day in a row, GBPUSD ended Thursday at 1.2814 losing 41 pips (-0.32%). Today's close at 1.2814 marks the lowest recorded closing price since October 15th. Closing below Wednesday's low at 1.2844, the forex pair confirmed its breakout through the previous session low after trading up to 50 pips below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Euro/Swiss Franc (EURCHF) as at Nov 20, 2019
Nov 20, 2019
Daily technical analysis candlestick chart for Canadian Dollar/Japanese Yen (CADJPY) as at Nov 20, 2019
Nov 20, 2019
Daily technical analysis candlestick chart for Euro/Australian Dollar (EURAUD) as at Nov 20, 2019
Nov 20, 2019
Daily technical analysis candlestick chart for Australian Dollar/Swiss Franc (AUDCHF) as at Nov 20, 2019
Nov 20, 2019
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