KMDUSD unable to break through key resistance level
Komodo/USD Index (KMDUSD) Technical Analysis Report for Sep 15, 2018
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.
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.
Regardless of a weak opening the market managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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