Forex Market Technical Analysis Summary for Dec 13, 2019
Major FX Pairs Technical Analysis Market Overview Report for Dec 13, 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 AUDUSD losing -0.49% and USDCAD closing -0.12% lower. On the flipside the best performers have been GBPUSD closing 1.2% higher and USDJPY gaining 0.04%.
One of today's most interesting market conditions in the Major FX Pairs showed up in NZDUSD: Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for NZD/USD. Out of 117 times, NZDUSD closed higher 53.85% 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 two trading days, showing a win rate of 52.99% with an average market move of -0.02%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been GBPAUD surging 1.63% and GBPZAR closing 1.37% higher. The worst performers of the day have been EURGBP tanking -1.3% and EURNOK closing -0.64% lower.