Forex Market Technical Analysis Summary for Nov 11, 2019


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

Highlights

AUDUSD closes lower for the 2nd day in a row
USDCAD runs into sellers again around 1.3235
USDCHF breaks back below 200-day moving average
EURUSD closes above its opening price after recovering from early selling pressure
GBPUSD fails to close above 20-day moving average
USDJPY finds support at 200-day moving average
NZDUSD finds buyers again around 0.6327

Summary

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.63% and NZDUSD closing 0.51% higher. On the flipside the worst performers have been USDCHF closing -0.38% lower and USDJPY losing -0.18%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 200" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 40 times, USDJPY closed lower 52.50% 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 two trading days, showing a win rate of 52.50% 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 GBPZAR surging 0.79% and GBPAUD closing 0.76% higher. The worst performers of the day have been AUDNZD tanking -0.65% and AUDCHF closing -0.51% lower.

Major FX Pairs Overviews

AUDUSD 0.6851 -0.0008 (-0.12%) Moving lower for the 2nd day in a row, AUDUSD finished Monday at 0.6851 losing 8 pips (-0.12%) on low volume. Trading 7 pips higher after the open, the Ozzie was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on November 6th, AUDUSD actually gained 0.20% on the following trading day. 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
USDCAD 1.3233 0.0006 (0.05%) Moving higher for the 2nd day in a row, USDCAD finished Monday at 1.3233 gaining 6 pips (0.05%) on low volume. Today's close at 1.3233 marks the highest recorded closing price since October 14th. Trading up to 9 pips lower after the open, the Loonie 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 in a lackluster session. Read more
USDCHF 0.9934 -0.0038 (-0.38%) USDCHF finished Monday at 0.9934 losing 38 pips (-0.38%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.9944, the FX pair confirmed its breakout through the previous session low after trading up to 15 pips below it intraday. Read more
EURUSD 1.1033 0.0014 (0.13%) EURUSD finished Monday at 1.1033 gaining 14 pips (0.13%) on low volume. Trading up to 9 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. The last time this happened on November 1st, EURUSD actually lost -0.33% on the following trading day. 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
GBPUSD 1.2855 0.0080 (0.63%) GBPUSD ended Monday at 1.2855 gaining 80 pips (0.63%). Closing above Friday's high at 1.2825, the forex pair confirmed its breakout through the previous session high after trading up to 73 pips above it intraday. Read more
USDJPY 109.05 -0.20 (-0.18%) Moving lower for the 2nd day in a row, USDJPY finished Monday at 109.05 losing 20 pips (-0.18%) on low volume. Closing below Friday's low at 109.08, the currency confirmed its breakout through the prior session low after trading up to 18 pips below it intraday. Read more
NZDUSD 0.6361 0.0032 (0.51%) NZDUSD ended Monday at 0.6361 gaining 32 pips (0.51%) on low volume. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for US Dollar/South African Rand (USDZAR) as at Aug 07, 2020
Aug 07, 2020
Daily technical analysis candlestick chart for Australian Dollar/New Zealand Dollar (AUDNZD) as at Aug 07, 2020
Aug 07, 2020
Daily technical analysis candlestick chart for New Zealand Dollar/Japanese Yen (NZDJPY) as at Aug 07, 2020
Aug 07, 2020
Daily technical analysis candlestick chart for Australian Dollar/Swiss Franc (AUDCHF) as at Aug 07, 2020
Aug 07, 2020
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