SGDNZD closes within previous day's range after lackluster session
Singapore Dollar/New Zealand Dollar (SGDNZD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
SGDNZD ended the week -0.7% lower at 1.1162 after losing 17 pips (-0.15%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SGDNZD as at Feb 14, 2020):
Friday's trading range has been 40 pips (0.36%), that's below the last trading month's daily average range of 68 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 slightly lower than usual for SGDNZD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 1.1130 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 1.1125 where further sell stops could get activated. With prices trading close to this year's low at 1.1030, downside momentum might speed up should the market break out to new lows for the year.