XEMUSD snaps to lowest close since July 16, 2017


XEM/USD Index (XEMUSD) Technical Analysis Report for Aug 11, 2018 [< 1 min read]
Highlights
XEMUSD dominated by bears dragging the market lower throughout the day
XEMUSD closes lower for the 2nd day in a row
XEMUSD ends the day on a bearish note closing near the low of the day
XEMUSD breaks below previous session low
XEMUSD falls to lowest close since July 16, 2017
TQ Sentiment
Report Sentiment: 60% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, XEMUSD finished Saturday at 0.1048 tanking $0.0120 (-10.27%) on high volume. Today's closing price of 0.1048 marks the lowest close since July 16, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 0.1151, NEM confirms its breakout through the previous session's low having traded $0.0107 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for XEMUSD
Volatility

Saturday's trading range was $0.0089 (7.86%), that's below last trading month's daily average range of $0.0132. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Trend

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

Order Flow

2,017's low at 0.0877 is within reach and we might see further downside momentum should the market break out beyond.

Conclusion

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

Market Conditions for XEM/USD Index
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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