Forex Market Technical Analysis Summary for Mar 25, 2020


Major FX Pairs Technical Analysis Market Overview Report for Mar 25, 2020 | by Techniquant Editorial Team

Highlights

USDJPY closes within previous day's range after lackluster session
EURUSD pushes through key technical resistance level
USDCAD slumps, losing 272 pips (-1.88%) within a single day
GBPUSD pushes through Tuesday's high
AUDUSD unable to break through key resistance level
NZDUSD closes higher for the 4th day in a row
USDCHF closes lower for the 4th day in a row

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 1.01% and EURUSD closing 0.86% higher. On the flipside the worst performers have been USDCAD closing -1.88% lower and USDCHF losing -0.45%.

One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for AUD/USD. Out of 73 times, AUDUSD closed lower 56.16% 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 three trading days, showing a win rate of 53.42% with an average market move of -0.00%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been CADSGD surging 2.0% and CADHKD closing 1.91% higher. The worst performers of the day have been USDMXN tanking -3.67% and USDNOK closing -3.18% lower.

Major FX Pairs Overviews

USDJPY 111.21 -0.01 (-0.01%) Moving lower for the 2nd day in a row, USDJPY ended Wednesday at 111.21 edging lower 1 pip (-0.01%) on low volume. Trading 46 pips higher after the open, USD/JPY 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 14th, USDJPY actually gained 0.09% 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
EURUSD 1.0882 0.0093 (0.86%) Moving higher for the 4th day in a row, EURUSD finished Wednesday at 1.0882 gaining 93 pips (0.86%). The bulls were in full control today, moving the market higher throughout the whole session. 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
USDCAD 1.4191 -0.0272 (-1.88%) Moving lower for the 2nd day in a row, USDCAD finished Wednesday at 1.4191 tanking 272 pips (-1.88%). This is the biggest single-day loss in over four years. The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 1.4375, the FX pair confirmed its breakout through the previous session low after trading up to 197 pips below it intraday. Read more
GBPUSD 1.1880 0.0119 (1.01%) Moving higher for the 2nd day in a row, GBPUSD ended Wednesday at 1.1880 gaining 119 pips (1.01%). Trading up to 122 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 Tuesday's high at 1.1800, GBP/USD confirmed its breakout through the prior session high after trading up to 174 pips above it intraday. Read more
AUDUSD 0.5959 0.0001 (0.02%) Moving higher for the 4th day in a row, AUDUSD ended Wednesday at 0.5959 edging higher 1 pip (0.02%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
NZDUSD 0.5851 0.0022 (0.38%) Moving higher for the 4th day in a row, NZDUSD finished Wednesday at 0.5851 gaining 22 pips (0.38%). Closing above Tuesday's high at 0.5840, the forex pair confirmed its breakout through the previous session high after trading up to 73 pips above it intraday. Read more
USDCHF 0.9772 -0.0044 (-0.45%) Moving lower for the 4th day in a row, USDCHF finished Wednesday at 0.9772 losing 44 pips (-0.45%). 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

Detailed Reports

Daily technical analysis candlestick chart for Australian Dollar/Japanese Yen (AUDJPY) as at Apr 08, 2020
Apr 08, 2020
Daily technical analysis candlestick chart for British Pound/Japanese Yen (GBPJPY) as at Apr 08, 2020
Apr 08, 2020
Daily technical analysis candlestick chart for New Zealand Dollar/Japanese Yen (NZDJPY) as at Apr 08, 2020
Apr 08, 2020
Daily technical analysis candlestick chart for New Zealand Dollar/Hong Kong Dollar (NZDHKD) as at Apr 08, 2020
Apr 08, 2020
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