Forex Market Technical Analysis Summary for Feb 14, 2020


Major FX Pairs Technical Analysis Market Overview Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

AUDUSD finds buyers around 0.6709 for the third day in a row
GBPUSD runs into sellers again around 1.3063
USDCHF pushes through Thursday's high
USDJPY closes below its opening price unable to hold early session gains
NZDUSD finds buyers again around 0.6423
EURUSD breaks below Thursday's low
USDCAD closes within previous day's range after lackluster session

Summary

With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%.

One of today's most interesting market conditions in the Major FX Pairs showed up in NZDUSD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for NZD/USD. Out of 241 times, NZDUSD closed higher 53.94% 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 six trading days, showing a win rate of 50.62% with an average market move of 0.02%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower.

Major FX Pairs Overviews

AUDUSD 0.6714 -0.0005 (-0.07%) Moving lower for the 2nd day in a row, AUDUSD ended the week 0.6% higher at 0.6714 after losing 5 pips (-0.07%) today on low volume. Trading 13 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. The last time this happened on February 6th, AUDUSD lost -0.85% on the following trading day. 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
GBPUSD 1.3046 0.0002 (0.02%) Moving higher for the 5th day in a row, GBPUSD ended the week 1.24% higher at 1.3046 after gaining 2 pips (0.02%) today. Trading up to 41 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 prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session. Read more
USDCHF 0.9822 0.0027 (0.28%) Moving higher for the 3rd day in a row, USDCHF finished the week 0.47% higher at 0.9822 after gaining 27 pips (0.28%) today on low volume. Today's close at 0.9822 marks the highest recorded closing price since December 20, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 0.9796, the Swissy confirmed its breakout through the prior session high after trading up to 27 pips above it intraday. Read more
USDJPY 109.78 -0.05 (-0.05%) Moving lower for the 2nd day in a row, USDJPY ended the week 0.03% higher at 109.78 after losing 5 pips (-0.05%) today. Trading 9 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 previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
NZDUSD 0.6435 -0.0003 (-0.05%) Moving lower for the 2nd day in a row, NZDUSD ended the week 0.5% higher at 0.6435 after edging lower 3 pips (-0.05%) today on low volume. Trading 8 pips higher after the open, NZD/USD 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
EURUSD 1.0831 -0.0009 (-0.08%) Moving lower for the 3rd day in a row, EURUSD finished the week -1.05% lower at 1.0831 after losing 9 pips (-0.08%) today. Today's close at 1.0831 marks the lowest recorded closing price since April 21, 2017. Trading 20 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. The last time this happened on January 21st, EURUSD actually gained 0.11% on the following trading day. Closing below Thursday's low at 1.0834, the pair confirmed its breakout through the previous session low after trading up to 7 pips below it intraday. Read more
USDCAD 1.3252 -0.0016 (-0.12%) USDCAD ended the week -0.41% lower at 1.3252 after losing 16 pips (-0.12%) today on low 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 British Pound/Swiss Franc (GBPCHF) as at Jul 08, 2020
Jul 08, 2020
Daily technical analysis candlestick chart for British Pound/Japanese Yen (GBPJPY) as at Jul 08, 2020
Jul 08, 2020
Daily technical analysis candlestick chart for Euro/Australian Dollar (EURAUD) as at Jul 08, 2020
Jul 08, 2020
Daily technical analysis candlestick chart for Euro/Norwegian Krone (EURNOK) as at Jul 08, 2020
Jul 08, 2020
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