Forex Market Technical Analysis Summary for Mar 26, 2020


Major FX Pairs Technical Analysis Market Overview Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

EURUSD fails to close above 100-day moving average
AUDUSD pushes through key technical resistance level
USDCHF dominated by bears dragging the market lower throughout the day
GBPUSD dominated by bulls lifting the market higher throughout the day
USDJPY breaks below Wednesday's low
NZDUSD closes above its opening price after recovering from early selling pressure
USDCAD breaks below key technical support level

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 2.72% and NZDUSD closing 1.88% higher. On the flipside the worst performers have been USDCHF closing -1.43% lower and USDJPY losing -1.42%.

One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for AUD/USD. Out of 383 times, AUDUSD closed lower 54.31% 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 53.52% with an average market move of -0.31%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been GBPHKD surging 2.72% and GBPZAR closing 2.65% higher. The worst performers of the day have been USDMXN tanking -4.12% and USDNOK closing -3.12% lower.

Major FX Pairs Overviews

EURUSD 1.1032 0.0150 (1.38%) Moving higher for the 5th day in a row, EURUSD finished Thursday at 1.1032 surging 150 pips (1.38%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on March 9th, EURUSD actually lost -1.39% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1.0894, the FX pair confirmed its breakout through the prior session high after trading up to 165 pips above it intraday. Read more
AUDUSD 0.6063 0.0104 (1.75%) Moving higher for the 5th day in a row, AUDUSD ended Thursday at 0.6063 gaining 104 pips (1.75%). Trading up to 88 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 Monday, AUDUSD gained 2.04% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
USDCHF 0.9632 -0.0140 (-1.43%) Moving lower for the 5th day in a row, USDCHF finished Thursday at 0.9632 tanking 140 pips (-1.43%). This is the biggest single-day loss in over three years. The last time we've seen such an unusually strong single-day loss on March 9th, USDCHF actually gained 1.59% on the following trading day. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 0.9755, USD/CHF confirmed its breakout through the prior session low after trading up to 152 pips below it intraday. Read more
GBPUSD 1.2203 0.0323 (2.72%) Moving higher for the 3rd day in a row, GBPUSD finished Thursday at 1.2203 surging 323 pips (2.72%). This is the biggest single-day gain in over three years. The last time we've seen such an unusually strong single-day gain on January 31st, GBPUSD actually lost -1.58% on the following trading day. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 1.1974, the FX pair confirmed its breakout through the previous session high after trading up to 255 pips above it intraday. Read more
USDJPY 109.63 -1.58 (-1.42%) Moving lower for the 3rd day in a row, USDJPY ended Thursday at 109.63 losing 158 pips (-1.42%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 110.75, the FX pair confirmed its breakout through the previous session low after trading up to 154 pips below it intraday. Read more
NZDUSD 0.5961 0.0110 (1.88%) Moving higher for the 5th day in a row, NZDUSD finished Thursday at 0.5961 gaining 110 pips (1.88%). Trading up to 74 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 Wednesday's high at 0.5913, the currency confirmed its breakout through the previous session high after trading up to 76 pips above it intraday. Read more
USDCAD 1.4020 -0.0171 (-1.20%) Moving lower for the 3rd day in a row, USDCAD ended Thursday at 1.4020 losing 171 pips (-1.2%). Closing below Wednesday's low at 1.4178, the pair confirmed its breakout through the prior session low after trading up to 168 pips below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for US Dollar/Polish Zloty (USDPLN) as at May 26, 2020
May 26, 2020
Daily technical analysis candlestick chart for Canadian Dollar/Singapore Dollar (CADSGD) as at May 26, 2020
May 26, 2020
Daily technical analysis candlestick chart for Australian Dollar/Singapore Dollar (AUDSGD) as at May 26, 2020
May 26, 2020
Daily technical analysis candlestick chart for Canadian Dollar/Hong Kong Dollar (CADHKD) as at May 26, 2020
May 26, 2020
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