Forex Market Technical Analysis Summary for Jul 10, 2020


Major FX Pairs Technical Analysis Market Overview Report for Jul 10, 2020 | by Techniquant Editorial Team

Highlights

GBPUSD runs into sellers again around 1.2664
NZDUSD finds buyers again around 0.6546
EURUSD closes above its opening price after recovering from early selling pressure
USDJPY breaks below Thursday's low
AUDUSD closes lower for the 2nd day in a row
USDCAD closes within previous day's range after lackluster session
USDCHF closes higher for the 2nd day in a row

Summary

With five out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.13% and EURUSD closing 0.13% higher. On the flipside the worst performers have been USDJPY closing -0.27% lower and AUDUSD losing -0.2%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for USD/JPY. Out of 533 times, USDJPY closed higher 50.84% 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 10 trading days, showing a win rate of 50.47% with an average market move of 0.09%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURAUD surging 0.35% and GBPAUD closing 0.34% higher. The worst performers of the day have been USDMXN tanking -0.89% and AUDJPY closing -0.47% lower.

Major FX Pairs Overviews

GBPUSD 1.2622 0.0017 (0.13%) GBPUSD finished the week 1.13% higher at 1.2622 after gaining 17 pips (0.13%) today. Today's close at 1.2622 marks the highest recorded closing price since June 10th. Trading up to 40 pips lower after the open, the Cable 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. Read more
NZDUSD 0.6574 0.0004 (0.06%) NZDUSD ended the week 0.61% higher at 0.6574 after gaining 4 pips (0.06%) today. Trading up to 26 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 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 1.1300 0.0015 (0.13%) EURUSD ended the week 0.46% higher at 1.1300 after gaining 15 pips (0.13%) today. Trading up to 30 pips lower after the open, EUR/USD managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on July 3rd, EURUSD gained 0.54% 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
USDJPY 106.92 -0.29 (-0.27%) Moving lower for the 3rd day in a row, USDJPY ended the week -0.54% lower at 106.92 after losing 29 pips (-0.27%) today. Closing below Thursday's low at 107.10, the forex pair confirmed its breakout through the prior session low after trading up to 46 pips below it intraday. Read more
AUDUSD 0.6950 -0.0014 (-0.20%) Moving lower for the 2nd day in a row, AUDUSD ended the week 0.13% higher at 0.6950 after losing 14 pips (-0.2%) today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session. Read more
USDCAD 1.3593 0.0008 (0.06%) Moving higher for the 2nd day in a row, USDCAD finished the week 0.32% higher at 1.3593 after edging higher 8 pips (0.06%) today. 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 0.9412 0.0012 (0.13%) Moving higher for the 2nd day in a row, USDCHF finished the week -0.42% lower at 0.9412 after gaining 12 pips (0.13%) today on low volume. Closing above Thursday's high at 0.9410, the pair confirmed its breakout through the prior session high after trading up to 21 pips above it intraday. Read more

Detailed Reports

Daily technical analysis candlestick chart for Euro/Danish Krone (EURDKK) as at Sep 22, 2020
Sep 22, 2020
Daily technical analysis candlestick chart for Swiss Franc/Hong Kong Dollar (CHFHKD) as at Sep 22, 2020
Sep 22, 2020
Daily technical analysis candlestick chart for Australian Dollar/Canadian Dollar (AUDCAD) as at Sep 22, 2020
Sep 22, 2020
Daily technical analysis candlestick chart for Euro/Hong Kong Dollar (EURHKD) as at Sep 22, 2020
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