AUDHKD rallies, gaining 998 pips (1.93%) within a single day on high volume

Australian Dollar/Hong Kong Dollar (AUDHKD) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team


AUDHKD soars, gaining 998 pips (1.93%) within a single day on high volume
AUDHKD breaks above 200-day moving average for the first time since January 3rd
AUDHKD rises to highest close since January 24th
AUDHKD dominated by bulls lifting the market higher throughout the day
AUDHKD closes higher for the 3rd day in a row


Moving higher for the 3rd day in a row, AUDHKD finished Monday at 5.2690 surging 998 pips (1.93%) on high volume. This is the biggest single-day gain in over three years. Today's close at 5.2690 marks the highest recorded closing price since January 24th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 5.1822, the market confirmed its breakout through the previous session high after trading up to 911 pips above it intraday.

Daily Candlestick Chart (AUDHKD as at Jun 01, 2020):

Daily technical analysis candlestick chart for Australian Dollar/Hong Kong Dollar (AUDHKD) as at Jun 01, 2020

Monday's trading range has been 1181 pips (2.28%), that's far above the last trading month's daily average range of 665 pips. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AUDHKD.

One bullish candlestick pattern matches today's price action, the White Candle.

AUD/HKD managed to close above the 200-day moving average at 5.1876 for the first time since January 3rd. When this moving average was crossed above the last time on December 26, 2019, AUDHKD gained 0.52% on the following trading day.

Crossing above the upper Bollinger Band for the first time since May 26th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 5.0719 or signal the beginning of a strong momentum breakout leading to even higher prices.

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for AUD/HKD. Out of 68 times, AUDHKD closed lower 57.35% 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 10 trading days, showing a win rate of 58.82% with an average market move of -0.98%.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are AUDUSD gaining 1.93% and NZDUSD closing 1.43% higher. On the flipside the worst performers have been USDCAD closing -1.43% lower and USDJPY losing -0.21%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been AUDCHF surging 1.9% and AUDJPY closing 1.75% higher. The worst performers of the day have been EURAUD tanking -1.65% and USDPLN closing -1.36% lower. Read more

Market Conditions for AUDHKD as at Jun 01, 2020

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