Forex Market Technical Analysis Summary for Sep 16, 2020


Major FX Pairs Technical Analysis Market Overview Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

AUDUSD runs into sellers again around 0.7345
USDCHF finds buyers around 0.9055 for the third day in a row
USDJPY slips to lowest close since July 30th
USDCAD runs into sellers around 1.3201 for the forth day in a row
EURUSD closes below its opening price unable to hold early session gains
GBPUSD closes higher for the 3rd day in a row
NZDUSD finds buyers at key 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 0.61% and NZDUSD closing 0.27% higher. On the flipside the worst performers have been USDJPY closing -0.47% lower and EURUSD losing -0.25%.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for USD/JPY. Out of 139 times, USDJPY closed higher 52.52% 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 64.75% with an average market move of 0.65%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been GBPPLN surging 0.81% and ZARJPY closing 0.78% higher. The worst performers of the day have been EURZAR tanking -1.42% and CHFZAR closing -1.28% lower.

Major FX Pairs Overviews

AUDUSD 0.7306 0.0004 (0.05%) Moving higher for the 4th day in a row, AUDUSD ended Wednesday at 0.7306 gaining 4 pips (0.05%) on high volume. Trading up to 24 pips lower after the open, AUD/USD 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. Read more
USDCHF 0.9094 0.0013 (0.14%) USDCHF ended Wednesday at 0.9094 gaining 13 pips (0.14%). Trading up to 28 pips lower after the open, the currency managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Tuesday's high at 0.9089, the market confirmed its breakout through the previous session high after trading up to 22 pips above it intraday. Read more
USDJPY 104.95 -0.50 (-0.47%) Moving lower for the 3rd day in a row, USDJPY finished Wednesday at 104.95 losing 50 pips (-0.47%). Today's close at 104.95 marks the lowest recorded closing price since July 30th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Tuesday's low at 105.30, the forex pair confirmed its breakout through the prior session low after trading up to 50 pips below it intraday. Read more
USDCAD 1.3179 -0.0007 (-0.05%) USDCAD ended Wednesday at 1.3179 losing 7 pips (-0.05%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Read more
EURUSD 1.1817 -0.0030 (-0.25%) Moving lower for the 2nd day in a row, EURUSD ended Wednesday at 1.1817 losing 30 pips (-0.25%). Trading 32 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. Closing below Tuesday's low at 1.1839, the Fiber confirmed its breakout through the prior session low after trading up to 51 pips below it intraday. Read more
GBPUSD 1.2967 0.0078 (0.61%) Moving higher for the 3rd day in a row, GBPUSD finished Wednesday at 1.2967 gaining 78 pips (0.61%) on high volume. Closing above Tuesday's high at 1.2926, the forex pair confirmed its breakout through the prior session high after trading up to 81 pips above it intraday. Read more
NZDUSD 0.6732 0.0018 (0.27%) Moving higher for the 4th day in a row, NZDUSD finished Wednesday at 0.6732 gaining 18 pips (0.27%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Read more

Detailed Reports

Daily technical analysis candlestick chart for Singapore Dollar/Japanese Yen (SGDJPY) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for British Pound/South African Rand (GBPZAR) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for British Pound/Japanese Yen (GBPJPY) as at Oct 26, 2020
Oct 26, 2020
Daily technical analysis candlestick chart for Swiss Franc/Japanese Yen (CHFJPY) as at Oct 26, 2020
Oct 26, 2020
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