Forex Market Technical Analysis Summary for Dec 05, 2018
Major FX Pairs Technical Analysis Market Overview Report for Dec 05, 2018 | by Techniquant Editorial Team
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are USDCAD gaining 0.68% and USDJPY closing 0.36% higher. On the flipside the worst performers have been AUDUSD closing -0.94% lower and NZDUSD losing -0.43%.
One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for AUD/USD. Out of 515 times, AUDUSD closed higher 56.89% 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 53.59% with an average market move of 0.23%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been TRYJPY surging 1.53% and GBPAUD closing 1.06% higher. The worst performers of the day have been USDTRY tanking -1.14% and EURTRY closing -1.12% lower.