Forex Market Technical Analysis Summary for Nov 07, 2019
Major FX Pairs Technical Analysis Market Overview Report for Nov 07, 2019 | by Techniquant Editorial Team
With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.32% and EURUSD closing -0.14% lower. On the flipside the best performers have been USDJPY closing 0.28% higher and USDCHF gaining 0.21%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for USD/CAD. Out of 61 times, USDCAD closed higher 50.82% 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 62.30% with an average market move of 0.43%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been ZARJPY surging 0.68% and AUDJPY closing 0.48% higher. The worst performers of the day have been GBPZAR tanking -0.81% and EURNOK closing -0.81% lower.