SGDEUR pushes through Thursday's high
Singapore Dollar/Euro (SGDEUR) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SGDEUR finished the week 0.45% higher at 0.6506 after surging 18 pips (0.28%) today. This is the biggest single-day gain in over a month. Closing above Thursday's high at 0.6493, the currency confirmed its breakout through the previous session high after trading up to 17 pips above it intraday.
Daily Candlestick Chart (SGDEUR as at Jun 14, 2019):
Friday's trading range has been 31 pips (0.48%), that's above the last trading month's daily average range of 24 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SGDEUR.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 20-day moving average at 0.6497 for the first time since June 5th. When this moving average was crossed above the last time on June 5th, SGDEUR actually lost -0.31% on the following trading day. After having been unable to move lower than 0.6477 in the prior session, the forex pair found buyers again around the same price level today at 0.6479.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for SGD/EUR. Out of 154 times, SGDEUR closed higher 54.55% 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 57.14% with an average market move of 0.18%.