HKDCAD finds buyers around 0.1704 for the third day in a row


Hong Kong Dollar/Canadian Dollar (HKDCAD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

HKDCAD finds buyers around 0.1704 for the third day in a row
HKDCAD closes within previous day's range after lackluster session

Overview

HKDCAD finished the week -0.41% lower at 0.1706 after losing 2 pips (-0.12%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (HKDCAD as at Feb 14, 2020):

Daily technical analysis candlestick chart for Hong Kong Dollar/Canadian Dollar (HKDCAD) as at Feb 14, 2020

Friday's trading range has been 5 pips (0.29%), that's below the last trading month's daily average range of 6 pips. 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 HKDCAD.

Prices are trading close to the key technical support level at 0.1703 (S1). The currency found buyers again today around 0.1704 for the third trading day in a row after having found demand at 0.1704 in the previous session and at 0.1703 two days ago. The last time this happened on Tuesday, HKDCAD actually lost -0.35% on the following trading day.

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

Selling could accelerate should prices move below the nearby swing low at 0.1703 where further sell stops might get activated.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for HKD/CAD. Out of 681 times, HKDCAD closed higher 49.78% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.86% with an average market move of 0.21%.


Market Conditions for HKDCAD as at Feb 14, 2020

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