HUFUSD closes below its opening price unable to hold early session gains
Hungarian Forint/US Dollar (HUFUSD) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
HUFUSD ended the month 8.03% higher at 0.0034235 after losing 123 pips (-0.36%) today. Trading 219 pips higher after the open, HUF/USD was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on July 16th, HUFUSD actually gained 0.55% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (HUFUSD as at Jul 31, 2020):
Friday's trading range has been 445 pips (1.3%), that's slightly above the last trading month's daily average range of 404 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for HUFUSD.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.