SGDGBP finds support at 100-day moving average


Singapore Dollar/British Pound (SGDGBP) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

SGDGBP finds support at 100-day moving average
SGDGBP closes lower for the 3rd day in a row
SGDGBP breaks below Tuesday's low

Overview

Moving lower for the 3rd day in a row, SGDGBP finished Wednesday at 0.5676 losing 25 pips (-0.44%). Closing below Tuesday's low at 0.5692, SGD/GBP confirmed its breakout through the previous session low after trading up to 27 pips below it intraday.

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

Daily technical analysis candlestick chart for Singapore Dollar/British Pound (SGDGBP) as at Sep 16, 2020

Wednesday's trading range has been 49 pips (0.86%), that's slightly above the last trading month's daily average range of 46 pips. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for SGDGBP.

One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern. The last time a Bullish Hikkake Pattern showed up on August 11th, SGDGBP gained 0.23% on the following trading day.

After trading as low as 0.5665 during the day, the FX pair found support at the 100-day moving average at 0.5669.

While the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for SGD/GBP. Out of 72 times, SGDGBP closed lower 59.72% 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 52.78% with an average market move of -0.11%.


Market Conditions for SGDGBP as at Sep 16, 2020

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