HKDSGD closes lower for the 4th day in a row


Hong Kong Dollar/Singapore Dollar (HKDSGD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

HKDSGD closes lower for the 4th day in a row

Overview

Moving lower for the 4th day in a row, HKDSGD ended Wednesday at 0.1753 losing 3 pips (-0.17%).

Daily Candlestick Chart (HKDSGD as at Sep 16, 2020):

Daily technical analysis candlestick chart for Hong Kong Dollar/Singapore Dollar (HKDSGD) as at Sep 16, 2020

Wednesday's trading range has been 8 pips (0.46%), that's slightly above the last trading month's daily average range of 7 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HKDSGD.

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

Buying might speed up should prices move above the nearby swing high at 0.1766 where further buy stops could get activated. With prices trading close to this year's low at 0.0000, downside momentum might accelerate should the pair break out to new lows for the year. Trading close to July's high at 0.1803 we could see further upside momentum if potential buy stops at the level get triggered.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for HKD/SGD. Out of 63 times, HKDSGD closed lower 47.62% 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 seven trading days, showing a win rate of 49.21% with an average market move of -0.07%.


Market Conditions for HKDSGD as at Sep 16, 2020

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