Forex Market Technical Analysis Summary for Feb 08, 2019
Major FX Pairs Technical Analysis Market Overview Report for Feb 08, 2019 | by Techniquant Editorial Team
With seven out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.23% and AUDUSD closing -0.21% lower. None of the markets managed to end the day in the green.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 659 times, USDJPY closed lower 54.78% 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 51.14% with an average market move of -0.03%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDTHB surging 0.72% and USDNOK closing 0.5% higher. The worst performers of the day have been EURTRY tanking -0.64% and AUDCHF closing -0.42% lower.