CADHKD closes higher for the 4th day in a row


Canadian Dollar/Hong Kong Dollar (CADHKD) Technical Analysis Report for Aug 05, 2020 | by Techniquant Editorial Team

Highlights

CADHKD rises to highest close since February 26th
CADHKD closes higher for the 4th day in a row
CADHKD pushes through Tuesday's high

Overview

Moving higher for the 4th day in a row, CADHKD finished Wednesday at 5.8420 gaining 232 pips (0.4%). Today's close at 5.8420 marks the highest recorded closing price since February 26th. Closing above Tuesday's high at 5.8192, the FX pair confirmed its breakout through the prior session high after trading up to 372 pips above it intraday.

Daily Candlestick Chart (CADHKD as at Aug 05, 2020):

Daily technical analysis candlestick chart for Canadian Dollar/Hong Kong Dollar (CADHKD) as at Aug 05, 2020

Wednesday's trading range has been 426 pips (0.73%), that's above the last trading month's daily average range of 341 pips. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CADHKD.

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

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

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for CAD/HKD. Out of 71 times, CADHKD closed lower 69.01% 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 52.11% with an average market move of -0.28%.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are EURUSD gaining 0.52% and AUDUSD closing 0.42% higher. On the flipside the worst performers have been USDCHF closing -0.53% lower and USDCAD losing -0.4%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been EURTRY surging 2.58% and USDTRY closing 2.08% higher. The worst performers of the day have been TRYJPY tanking -2.09% and USDNOK closing -1.58% lower. Read more


Market Conditions for CADHKD as at Aug 05, 2020

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