SGDHKD closes above its opening price after recovering from early selling pressure

Singapore Dollar/Hong Kong Dollar (SGDHKD) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team


SGDHKD closes above its opening price after recovering from early selling pressure
SGDHKD closes higher for the 2nd day in a row
SGDHKD pushes through Thursday's high


Moving higher for the 2nd day in a row, SGDHKD ended the week 1.52% higher at 5.4315 after gaining 153 pips (0.28%) today. Trading up to 198 pips lower after the open, the FX pair managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 6th, SGDHKD actually lost -0.44% on the following trading day. Closing above Thursday's high at 5.4195, the pair confirmed its breakout through the prior session high after trading up to 203 pips above it intraday.

Daily Candlestick Chart (SGDHKD as at Mar 27, 2020):

Daily technical analysis candlestick chart for Singapore Dollar/Hong Kong Dollar (SGDHKD) as at Mar 27, 2020

Friday's trading range has been 434 pips (0.8%), that's slightly below the last trading month's daily average range of 480 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for SGDHKD.

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

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for SGD/HKD. Out of 469 times, SGDHKD closed higher 51.17% of the time on the next trading day after the market condition occurred.

With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 2.08% and AUDUSD closing 1.65% higher. On the flipside the worst performers have been USDJPY closing -1.48% lower and USDCHF losing -1.27%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 3.95% and CHFZAR closing 3.11% higher. The worst performers of the day have been ZARJPY tanking -3.32% and TRYJPY closing -2.45% lower. Read more

Market Conditions for SGDHKD as at Mar 27, 2020

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