HKDSGD closes higher for the 2nd day in a row


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

Highlights

HKDSGD rises to highest close since May 15, 2017
HKDSGD unable to break through key resistance level
HKDSGD closes higher for the 2nd day in a row
HKDSGD pushes through Thursday's high
HKDSGD still stuck within tight trading range

Overview

Moving higher for the 2nd day in a row, HKDSGD finished the week 0.17% higher at 0.1792 after gaining 3 pips (0.17%) today on low volume. Today's close at 0.1792 marks the highest recorded closing price since May 15, 2017. Closing above Thursday's high at 0.1790, the currency confirmed its breakout through the prior session high after trading up to 3 pips above it intraday.

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

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

Friday's trading range has been 5 pips (0.28%), that's slightly below the last trading month's daily average range of 6 pips. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for HKDSGD. Prices continued to consolidate within a tight trading range between 0.1783 and 0.1793 where it has been caught now for the whole last trading week.

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

Unable to break through the key technical resistance level at 0.1793 (R1), the pair closed below it after spiking up to 0.1793 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on January 22nd, HKDSGD actually gained 0.23% on the following trading day.

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

Buying could accelerate should prices move above the close-by swing high at 0.1793 where further buy stops might get activated.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for HKD/SGD. Out of 294 times, HKDSGD closed lower 51.36% 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 nine trading days, showing a win rate of 57.48% with an average market move of -0.06%.


Market Conditions for HKDSGD as at Feb 14, 2020

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