Forex Market Technical Analysis Summary for Jul 31, 2020


Major FX Pairs Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

NZDUSD plummets, losing 70 pips (-1.04%) within a single day on high volume
EURUSD breaks below key technical support level
USDCHF runs into sellers again around 0.9149
GBPUSD closes below its opening price unable to hold early session gains
USDCAD still stuck within tight trading range
USDJPY rockets, gaining 117 pips (1.12%) within a single day on high volume
AUDUSD closes within prior day's range

Summary

With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are NZDUSD losing -1.04% and AUDUSD closing -0.72% lower. On the flipside the best performers have been USDJPY closing 1.12% higher and USDCHF gaining 0.48%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for USD/CAD. Out of 765 times, USDCAD closed higher 49.80% 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 50.07% with an average market move of 0.08%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDZAR surging 1.87% and GBPZAR closing 1.79% higher. The worst performers of the day have been NZDCAD tanking -1.15% and NZDHKD closing -1.05% lower.

Major FX Pairs Overviews

NZDUSD 0.6630 -0.0070 (-1.04%) NZDUSD finished the month 2.71% higher at 0.6630 after tanking 70 pips (-1.04%) today on high volume. This is the biggest single-day loss in over a month. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
EURUSD 1.1779 -0.0069 (-0.58%) EURUSD finished the month 4.86% higher at 1.1779 after losing 69 pips (-0.58%) today on high volume. Trading 61 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 missed to decisively move beyond the prior day's trading range. Read more
USDCHF 0.9134 0.0044 (0.48%) USDCHF ended the month -3.58% lower at 0.9134 after gaining 44 pips (0.48%) today on high volume. Trading up to 32 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 July 16th, USDCHF actually lost -0.76% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range. Read more
GBPUSD 1.3086 -0.0010 (-0.08%) GBPUSD ended the month 5.52% higher at 1.3086 after edging lower 10 pips (-0.08%) today on high volume. Trading 74 pips higher after the open, the market 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. Read more
USDCAD 1.3411 -0.0011 (-0.08%) USDCAD finished the month -1.22% lower at 1.3411 after losing 11 pips (-0.08%) today on high volume. 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
USDJPY 105.90 1.17 (1.12%) USDJPY finished the month -1.88% lower at 105.90 after surging 117 pips (1.12%) today on high volume. This is the biggest single-day gain in over four months. Closing above Thursday's high at 105.30, the FX pair confirmed its breakout through the previous session high after trading up to 76 pips above it intraday. Read more
AUDUSD 0.7143 -0.0052 (-0.72%) AUDUSD finished the month 3.48% higher at 0.7143 after losing 52 pips (-0.72%) today on high volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for British Pound/Polish Zloty (GBPPLN) as at Aug 10, 2020
Aug 10, 2020
Daily technical analysis candlestick chart for Canadian Dollar/Japanese Yen (CADJPY) as at Aug 10, 2020
Aug 10, 2020
Daily technical analysis candlestick chart for Euro/British Pound (EURGBP) as at Aug 10, 2020
Aug 10, 2020
Daily technical analysis candlestick chart for Euro/Japanese Yen (EURJPY) as at Aug 10, 2020
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