HUFUSD surges 0.58% closing 187 pips higher


Hungarian Forint/US Dollar (HUFUSD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

HUFUSD rallies 0.58% closing 187 pips higher
HUFUSD closes higher for the 2nd day in a row
HUFUSD pushes through Thursday's high

Overview

Moving higher for the 2nd day in a row, HUFUSD ended the week -0.23% lower at 0.0032287 after surging 187 pips (0.58%) today. This is the biggest single-day gain in over a month. Closing above Thursday's high at 0.0032251, the market confirmed its breakout through the prior session high after trading up to 145 pips above it intraday.

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

Daily technical analysis candlestick chart for Hungarian Forint/US Dollar (HUFUSD) as at Feb 14, 2020

Friday's trading range has been 342 pips (1.07%), that's far above the last trading month's daily average range of 248 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HUFUSD.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on January 31st, HUFUSD actually lost -0.22% on the following trading day.

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

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for HUF/USD. Out of 598 times, HUFUSD closed lower 52.84% 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 53.85% with an average market move of -0.28%.


Market Conditions for HUFUSD as at Feb 14, 2020

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