Forex Market Technical Analysis Summary for Nov 11, 2019
Major FX Pairs Technical Analysis Market Overview Report for Nov 11, 2019 | by Techniquant Editorial Team
With four out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.63% and NZDUSD closing 0.51% higher. On the flipside the worst performers have been USDCHF closing -0.38% lower and USDJPY losing -0.18%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 200" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 40 times, USDJPY closed lower 52.50% 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 two trading days, showing a win rate of 52.50% 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 GBPZAR surging 0.79% and GBPAUD closing 0.76% higher. The worst performers of the day have been AUDNZD tanking -0.65% and AUDCHF closing -0.51% lower.