Forex Market Technical Analysis Summary for Nov 20, 2020


Major FX Pairs Technical Analysis Market Overview Report for Nov 20, 2020 | by Techniquant Editorial Team

Highlights

EURUSD closes below its opening price unable to hold early session gains
USDCHF closes above its opening price after recovering from early selling pressure
USDJPY stuck within tight trading range
GBPUSD pushes through Thursday's high
USDCAD closes within prior day's range after lackluster session
NZDUSD pops to highest close since June 18, 2018
AUDUSD still stuck within tight trading range

Summary

With six out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are AUDUSD gaining 0.29% and NZDUSD closing 0.25% higher. On the flipside the worst performer has been EURUSD closing -0.15% lower.

One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 159 times, USDJPY closed lower 55.35% 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 50.94% with an average market move of 0.04%. Read more

Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDTRY surging 1.11% and EURTRY closing 0.86% higher. The worst performers of the day have been TRYJPY tanking -1.02% and USDMXN closing -0.48% lower.

Major FX Pairs Overviews

EURUSD 1.1856 -0.0018 (-0.15%) EURUSD ended the week 0.18% higher at 1.1856 after losing 18 pips (-0.15%) today. Trading 17 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. The last time this happened on Wednesday, EURUSD actually gained 0.17% 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 0.9112 0.0006 (0.07%) USDCHF finished the week -0.16% lower at 0.9112 after gaining 6 pips (0.07%) today. Trading up to 16 pips lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 10th, USDCHF gained 0.22% on the following trading day. 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
USDJPY 103.86 0.11 (0.11%) USDJPY finished the week -0.75% lower at 103.86 after gaining 11 pips (0.11%) today. Trading up to 10 pips lower after the open, the Yen managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 11th, USDJPY actually lost -0.28% on the following trading day. 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 1.3284 0.0021 (0.16%) GBPUSD ended the week 0.67% higher at 1.3284 after gaining 21 pips (0.16%) today. Today's close at 1.3284 marks the highest recorded closing price since September 2nd. Trading up to 18 pips lower after the open, GBP/USD managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 9th, GBPUSD gained 0.83% on the following trading day. Closing above Thursday's high at 1.3279, the FX pair confirmed its breakout through the previous session high after trading up to 21 pips above it intraday. Read more
USDCAD 1.3094 0.0021 (0.16%) USDCAD finished the week -0.31% lower at 1.3094 after gaining 21 pips (0.16%) today. Trading up to 31 pips lower after the open, the market 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 failed to decisively move beyond the previous day's trading range in a lackluster session. Read more
NZDUSD 0.6930 0.0017 (0.25%) NZDUSD ended the week 1.2% higher at 0.6930 after gaining 17 pips (0.25%) today. Today's close at 0.6930 marks the highest recorded closing price since June 18, 2018. Closing above Thursday's high at 0.6928, the Kiwi confirmed its breakout through the previous session high after trading up to 23 pips above it intraday. Read more
AUDUSD 0.7304 0.0021 (0.29%) AUDUSD finished the week 0.47% higher at 0.7304 after gaining 21 pips (0.29%) today. 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 Euro/Hungarian Forint (EURHUF) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Euro/Japanese Yen (EURJPY) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Euro/Australian Dollar (EURAUD) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Euro/Swedish Krona (EURSEK) as at Nov 27, 2020
Nov 27, 2020
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