KMDUSD unable to break through key resistance level

Komodo/USD Index (KMDUSD) Technical Analysis Report for Sep 15, 2018

Highlights

KMDUSD unable to break through key resistance level
KMDUSD finds buyers again around 0.99
KMDUSD rises to highest close since September 10th

TQ Sentiment

Report Sentiment: 50% Bullish
Technical Forecast:

Overview

KMDUSD ended Saturday at 1.05 gaining $0.04 (3.96%). Today's closing price of 1.05 marks the highest close since September 10th.

Daily chart for KMDUSD

Volatility

Saturday's trading range was $0.10 (9.9%), that's slightly below last trading month's daily average range of $0.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

Regardless of a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 1.07, KMD/USD closed below it after spiking as high as 1.09 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 0.98 in the previous session, Komodo found buyers again around the same price level today at 0.99.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Komodo/USD Index

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