Forex Market Technical Analysis Summary for Sep 10, 2019
Major FX Pairs Technical Analysis Market Overview Report for Sep 10, 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 USDCAD losing -0.14% and EURUSD closing -0.04% lower. On the flipside the best performers have been USDJPY closing 0.28% higher and GBPUSD gaining 0.11%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for USD/CAD. Out of 97 times, USDCAD closed higher 58.76% 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 50.52% with an average market move of 0.32%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 1.1% and USDHUF closing 0.48% higher. The worst performers of the day have been EURZAR tanking -0.87% and USDZAR closing -0.83% lower.