Forex Market Technical Analysis Summary for May 22, 2020


Major FX Pairs Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

USDJPY closes higher for the 2nd day in a row
EURUSD dominated by bears dragging the market lower throughout the day
GBPUSD breaks below key technical support level
USDCAD pushes through Thursday's high
USDCHF breaks back above 20-day moving average
AUDUSD closes lower for the 2nd day in a row
NZDUSD breaks below Thursday's low

Summary

With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.47% and EURUSD closing -0.44% lower. On the flipside the best performers have been USDCAD closing 0.33% higher and USDCHF gaining 0.08%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 425 times, USDJPY closed lower 52.71% 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 52.24% with an average market move of -0.01%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDCZK surging 1.09% and USDHUF closing 0.9% higher. The worst performers of the day have been USDMXN tanking -0.58% and SGDHKD closing -0.51% lower.

Major FX Pairs Overviews

USDJPY 107.64 0.03 (0.03%) Moving higher for the 2nd day in a row, USDJPY ended the week 0.53% higher at 107.64 after edging higher 3 pips (0.03%) today on low volume. Trading up to 30 pips lower after the open, the pair managed to reverse during the session as bulls took control ending the day above its opening price. 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
EURUSD 1.0902 -0.0048 (-0.44%) Moving lower for the 2nd day in a row, EURUSD ended the week 0.76% higher at 1.0902 after losing 48 pips (-0.44%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 1.0937, the currency confirmed its breakout through the prior session low after trading up to 52 pips below it intraday. Read more
GBPUSD 1.2165 -0.0057 (-0.47%) Moving lower for the 3rd day in a row, GBPUSD ended the week 0.5% higher at 1.2165 after losing 57 pips (-0.47%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 1.2186, GBP/USD confirmed its breakout through the prior session low after trading up to 24 pips below it intraday. Read more
USDCAD 1.4000 0.0046 (0.33%) Moving higher for the 2nd day in a row, USDCAD ended the week -0.77% lower at 1.4000 after gaining 46 pips (0.33%) today. Closing above Thursday's high at 1.3971, the forex pair confirmed its breakout through the prior session high after trading up to 78 pips above it intraday. Read more
USDCHF 0.9712 0.0008 (0.08%) Moving higher for the 2nd day in a row, USDCHF finished the week -0.04% lower at 0.9712 after gaining 8 pips (0.08%) today on low volume. 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
AUDUSD 0.6537 -0.0028 (-0.43%) Moving lower for the 2nd day in a row, AUDUSD ended the week 1.92% higher at 0.6537 after losing 28 pips (-0.43%) today. Closing below Thursday's low at 0.6549, the forex pair confirmed its breakout through the previous session low after trading up to 43 pips below it intraday. Read more
NZDUSD 0.6098 -0.0023 (-0.38%) Moving lower for the 2nd day in a row, NZDUSD ended the week 2.76% higher at 0.6098 after losing 23 pips (-0.38%) today. Closing below Thursday's low at 0.6106, the forex pair confirmed its breakout through the prior session low after trading up to 25 pips below it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Canadian Dollar/Singapore Dollar (CADSGD) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for British Pound/Japanese Yen (GBPJPY) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for Euro/Polish Zloty (EURPLN) as at Sep 18, 2020
Sep 18, 2020
Daily technical analysis candlestick chart for US Dollar/Norwegian Krone (USDNOK) as at Sep 18, 2020
Sep 18, 2020
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