Forex Market Technical Analysis Summary for Jan 15, 2020


Major FX Pairs Technical Analysis Market Overview Report for Jan 15, 2020 | by Techniquant Editorial Team

Highlights

GBPUSD runs into sellers around 1.3043 for the third day in a row
USDCHF snaps to lowest close since September 21, 2018
AUDUSD stuck within tight trading range
USDCAD closes below its opening price unable to hold early session gains
NZDUSD closes above its opening price after recovering from early selling pressure
EURUSD pushes through Tuesday's high
USDJPY finds buyers again around 109.79

Summary

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are EURUSD gaining 0.21% and GBPUSD closing 0.15% higher. On the flipside the worst performers have been USDCHF closing -0.35% lower and USDCAD losing -0.15%.

One of today's most interesting market conditions in the Major FX Pairs showed up in EURUSD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for EUR/USD. Out of 160 times, EURUSD closed lower 56.88% 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 56.88% with an average market move of -0.14%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been CHFHKD surging 0.28% and CHFZAR closing 0.26% higher. The worst performers of the day have been USDCZK tanking -0.49% and NZDCHF closing -0.31% lower.

Major FX Pairs Overviews

GBPUSD 1.3039 0.0020 (0.15%) Moving higher for the 2nd day in a row, GBPUSD ended Wednesday at 1.3039 gaining 20 pips (0.15%). Trading up to 36 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 above Tuesday's high at 1.3033, the Cable confirmed its breakout through the prior session high after trading up to 10 pips above it intraday. Read more
USDCHF 0.9641 -0.0034 (-0.35%) Moving lower for the 5th day in a row, USDCHF ended Wednesday at 0.9641 losing 34 pips (-0.35%). Today's close at 0.9641 marks the lowest recorded closing price since September 21, 2018. Closing below Tuesday's low at 0.9666, the Swissy confirmed its breakout through the previous session low after trading up to 35 pips below it intraday. Read more
AUDUSD 0.6906 0.0004 (0.06%) AUDUSD ended Wednesday at 0.6906 gaining 4 pips (0.06%). Trading up to 25 pips lower after the open, the Ozzie 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
USDCAD 1.3042 -0.0020 (-0.15%) USDCAD ended Wednesday at 1.3042 losing 20 pips (-0.15%). Trading 15 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 below Tuesday's low at 1.3047, the market confirmed its breakout through the previous session low after trading up to 12 pips below it intraday. Read more
NZDUSD 0.6618 0.0003 (0.05%) NZDUSD ended Wednesday at 0.6618 edging higher 3 pips (0.05%). Trading up to 30 pips lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on January 8th, NZDUSD actually lost -0.50% 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
EURUSD 1.1150 0.0023 (0.21%) EURUSD ended Wednesday at 1.1150 gaining 23 pips (0.21%) on high volume. Closing above Tuesday's high at 1.1145, the Euro confirmed its breakout through the previous session high after trading up to 19 pips above it intraday. Read more
USDJPY 109.90 -0.10 (-0.09%) USDJPY finished Wednesday at 109.90 losing 10 pips (-0.09%) on high volume. 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

Detailed Reports

Daily technical analysis candlestick chart for Australian Dollar/Hong Kong Dollar (AUDHKD) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Australian Dollar/Singapore Dollar (AUDSGD) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for Australian Dollar/Canadian Dollar (AUDCAD) as at Sep 25, 2020
Sep 25, 2020
Daily technical analysis candlestick chart for British Pound/Polish Zloty (GBPPLN) as at Sep 25, 2020
Sep 25, 2020
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