Forex Market Technical Analysis Summary for Oct 16, 2020


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

Highlights

USDCHF runs into sellers around 0.9162 for the forth day in a row
USDJPY breaks back below 20-day moving average
AUDUSD closes lower for the 2nd day in a row
NZDUSD unable to break through key resistance level
GBPUSD closes above its opening price after recovering from early selling pressure
USDCAD closes within previous day's range after lackluster session
EURUSD finds buyers again around 1.1694

Summary

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are NZDUSD gaining 0.14% and GBPUSD closing 0.1% higher. On the flipside the worst performers have been USDCAD 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 EURUSD: Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EUR/USD. Out of 657 times, EURUSD closed lower 51.90% 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 52.97% with an average market move of -0.15%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURNOK surging 0.37% and USDNOK closing 0.36% higher. The worst performers of the day have been USDMXN tanking -0.65% and CHFZAR closing -0.54% lower.

Major FX Pairs Overviews

USDCHF 0.9148 0.0004 (0.04%) Moving higher for the 2nd day in a row, USDCHF ended the week 0.47% higher at 0.9148 after edging higher 4 pips (0.04%) today. Trading up to 22 pips lower after the open, the forex 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 missed to decisively move beyond the prior day's trading range in a lackluster session. Read more
USDJPY 105.41 -0.04 (-0.04%) USDJPY ended the week -0.2% lower at 105.41 after edging lower 4 pips (-0.04%) today. 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
AUDUSD 0.7080 -0.0014 (-0.20%) Moving lower for the 2nd day in a row, AUDUSD finished the week -2.22% lower at 0.7080 after edging lower 14 pips (-0.2%) today on low volume. 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
NZDUSD 0.6607 0.0009 (0.14%) NZDUSD ended the week -0.94% lower at 0.6607 after gaining 9 pips (0.14%) today. Trading up to 11 pips lower after the open, NZD/USD 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 in a lackluster session. Read more
GBPUSD 1.2917 0.0013 (0.10%) GBPUSD ended the week -0.99% lower at 1.2917 after edging higher 13 pips (0.1%) today. Trading up to 43 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 previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
USDCAD 1.3190 -0.0036 (-0.27%) USDCAD ended the week 0.53% higher at 1.3190 after losing 36 pips (-0.27%) 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
EURUSD 1.1717 0.0010 (0.09%) EURUSD finished the week -0.94% lower at 1.1717 after edging higher 10 pips (0.09%) today. 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 US Dollar/Indian Rupee (USDINR) as at Oct 28, 2020
Oct 28, 2020
Daily technical analysis candlestick chart for Euro/Norwegian Krone (EURNOK) as at Oct 28, 2020
Oct 28, 2020
Daily technical analysis candlestick chart for Australian Dollar/Japanese Yen (AUDJPY) as at Oct 28, 2020
Oct 28, 2020
Daily technical analysis candlestick chart for Euro/Swiss Franc (EURCHF) as at Oct 28, 2020
Oct 28, 2020
Trending Assets
Top Movers