HKDEUR finds buyers again around 0.1157

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


HKDEUR falls to lowest close since March 27th
HKDEUR closes lower for the 5th day in a row
HKDEUR finds buyers again around 0.1157
HKDEUR closes within previous day's range after lackluster session


Moving lower for the 5th day in a row, HKDEUR finished Monday at 0.1159 losing 3 pips (-0.26%). Today's close at 0.1159 marks the lowest recorded closing price since March 27th. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

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

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

Monday's trading range has been 5 pips (0.43%), that's far below the last trading month's daily average range of 8 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for HKDEUR.

One bullish candlestick pattern matches today's price action, the Tweezer Bottom. The last time a Tweezer Bottom showed up on April 15th, HKDEUR gained 0.68% on the following trading day.

After having been unable to move lower than 0.1157 in the previous session, the market found buyers again around the same price level today at 0.1157.

With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 0.1182.

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Buying could speed up should prices move above the close-by swing high at 0.1186 where further buy stops might get triggered. Further buying could move prices higher should the market test May's nearby high at 0.1198.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for HKD/EUR. Out of 17 times, HKDEUR closed higher 52.94% 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 70.59% with an average market move of 0.23%.

Market Conditions for HKDEUR as at Jun 01, 2020

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