Forex Market Technical Analysis Summary for Oct 11, 2019
Major FX Pairs Technical Analysis Market Overview Report for Oct 11, 2019 | by Techniquant Editorial Team
With six out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 1.67% and AUDUSD closing 0.47% higher. On the flipside the worst performer has been USDCAD closing -0.67% lower.
One of today's most interesting market conditions in the Major FX Pairs showed up in GBPUSD: Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for GBP/USD. Out of 85 times, GBPUSD closed lower 56.47% 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 55.29% with an average market move of -0.38%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 2.23% and GBPJPY closing 2.1% higher. The worst performers of the day have been CHFZAR tanking -1.88% and USDZAR closing -1.87% lower.