KMDUSD pops to highest close since May 8th
Komodo/US Dollar Index (KMDUSD) Technical Analysis Report for May 23, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, KMDUSD ended Saturday at 0.60 gaining $0.01 (1.69%). Today's close at 0.60 marks the highest recorded closing price since May 8th. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (KMDUSD as at May 23, 2020):
Saturday's trading range has been $0.04 (6.78%), that's slightly below the last trading month's daily average range of $0.05. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for KMDUSD.
After trading down to 0.58 earlier during the day, KMD/USD bounced off the key technical support level at 0.59 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on Thursday, KMDUSD gained 5.36% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for KMD/USD. Out of 63 times, KMDUSD closed lower 52.38% of the time on the next trading day after the market condition occurred.
With five out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -1.16% and LTCUSD closing -0.81% lower. On the flipside the best performers have been ETCUSD closing 1.55% higher and BTCUSD gaining 0.23%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 10.84% and XVGUSD closing 5.05% higher. The worst performers of the day have been HSRBTC tanking -9.88% and ARDRBTC closing -9.27% lower. Read more