Forex Market Technical Analysis Summary for Dec 02, 2019
Major FX Pairs Technical Analysis Market Overview Report for Dec 02, 2019 | by Techniquant Editorial Team
With five out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are NZDUSD gaining 1.25% and AUDUSD closing 0.84% higher. On the flipside the worst performers have been USDCHF closing -0.88% lower and USDJPY losing -0.47%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for USD/CAD. Out of 53 times, USDCAD closed lower 54.72% 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 56.60% with an average market move of -0.23%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been NZDCAD surging 1.45% and NZDHKD closing 1.24% higher. The worst performers of the day have been USDHUF tanking -1.33% and USDPLN closing -1.19% lower.