Forex Market Technical Analysis Summary for Jul 09, 2020


Major FX Pairs Technical Analysis Market Overview Report for Jul 09, 2020 | by Techniquant Editorial Team

Highlights

USDCAD dominated by bulls lifting the market higher throughout the day
USDJPY closes lower for the 2nd day in a row
USDCHF closes above its opening price after recovering from early selling pressure
AUDUSD still stuck within tight trading range
EURUSD closes below its opening price unable to hold early session gains
GBPUSD unable to break through key resistance level
NZDUSD 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 EURUSD losing -0.4% and AUDUSD closing -0.24% lower. On the flipside the best performers have been USDCAD closing 0.53% higher and USDCHF gaining 0.17%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDCHF: Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for USD/CHF. Out of 72 times, USDCHF closed lower 52.78% 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 52.78% with an average market move of -0.36%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDNOK surging 0.98% and ZARJPY closing 0.63% higher. The worst performers of the day have been EURZAR tanking -0.98% and CHFZAR closing -0.77% lower.

Major FX Pairs Overviews

USDCAD 1.3585 0.0072 (0.53%) USDCAD ended Thursday at 1.3585 surging 72 pips (0.53%). This is the biggest single-day gain in over two weeks. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
USDJPY 107.21 -0.05 (-0.05%) Moving lower for the 2nd day in a row, USDJPY ended Thursday at 107.21 losing 5 pips (-0.05%). Trading 10 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 Monday, USDJPY actually gained 0.12% on the following trading day. 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
USDCHF 0.9400 0.0016 (0.17%) USDCHF ended Thursday at 0.9400 gaining 16 pips (0.17%). Trading up to 22 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. The last time this happened on June 29th, USDCHF actually lost -0.41% 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
AUDUSD 0.6964 -0.0017 (-0.24%) AUDUSD ended Thursday at 0.6964 losing 17 pips (-0.24%). Trading 19 pips higher after the open, the Aussie 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 1.1285 -0.0045 (-0.40%) EURUSD ended Thursday at 1.1285 losing 45 pips (-0.4%). Trading 41 pips higher after the open, the Euro was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on July 2nd, EURUSD actually gained 0.08% 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
GBPUSD 1.2605 -0.0005 (-0.04%) GBPUSD finished Thursday at 1.2605 edging lower 5 pips (-0.04%). Trading 63 pips higher after the open, the forex pair 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 failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
NZDUSD 0.6570 -0.0005 (-0.08%) NZDUSD ended Thursday at 0.6570 losing 5 pips (-0.08%). Trading 27 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 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 Euro/Danish Krone (EURDKK) as at Sep 24, 2020
Sep 24, 2020
Daily technical analysis candlestick chart for British Pound/Japanese Yen (GBPJPY) as at Sep 24, 2020
Sep 24, 2020
Daily technical analysis candlestick chart for Swiss Franc/Japanese Yen (CHFJPY) as at Sep 24, 2020
Sep 24, 2020
Daily technical analysis candlestick chart for Euro/Swiss Franc (EURCHF) as at Sep 24, 2020
Sep 24, 2020
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