KMDUSD finds buyers around 0.52 for the third day in a row
Komodo/US Dollar Index (KMDUSD) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
KMDUSD ended Saturday at 0.52 flat. 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 Oct 17, 2020):
Saturday's trading range has been $0.01 (1.92%), that's below the last trading month's daily average range of $0.02. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KMDUSD.
Three candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns and one neutral pattern, the Doji. The last time a Doji showed up on Wednesday, KMDUSD lost -3.64% on the following trading day.
The market found buyers again today around 0.52 for the third trading day in a row after having found demand at 0.52 in the previous session and at 0.52 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 0.51 where further sell stops might get activated. As prices are trading close to October's low at 0.51, downside momentum could accelerate should KMD/USD mark new lows for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Doji" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for KMD/USD. Out of 198 times, KMDUSD closed lower 42.93% 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 five trading days, showing a win rate of 54.04% with an average market move of 0.98%.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more