SGDEUR breaks back below 100-day moving average
Singapore Dollar/Euro (SGDEUR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
SGDEUR ended the week 0.85% higher at 0.6631 after losing 9 pips (-0.14%) today. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (SGDEUR as at Feb 14, 2020):
Friday's trading range has been 29 pips (0.44%), that's slightly below the last trading month's daily average range of 30 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for SGDEUR.
One bullish candlestick pattern matches today's price action, the Tweezer Top.
Prices are trading close to the key technical support level at 0.6608 (S1). The forex pair closed back below the 100-day moving average at 0.6633. After having been unable to move lower than 0.6616 in the prior session, the FX pair found buyers again around the same price level today at 0.6616. The last time this happened on February 7th, SGDEUR gained 0.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Top" stand out. Its common bullish interpretation has been confirmed for SGD/EUR. Out of 60 times, SGDEUR closed higher 56.67% 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 66.67% with an average market move of 0.52%.