Forex Market Technical Analysis Summary for Mar 14, 2019
Major FX Pairs Technical Analysis Market Overview Report for Mar 14, 2019 | by Techniquant Editorial Team
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.73% and NZDUSD closing -0.48% lower. On the flipside the best performers have been USDJPY closing 0.48% higher and USDCAD gaining 0.26%.
One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous two Highs" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for AUD/USD. Out of 137 times, AUDUSD closed higher 54.01% 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 59.85% with an average market move of 0.13%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been CHFZAR surging 0.82% and USDZAR closing 0.8% higher. The worst performers of the day have been GBPHKD tanking -0.73% and GBPCHF closing -0.72% lower.