Forex Market Technical Analysis Summary for Jan 13, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jan 13, 2020 | 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 USDJPY gaining 0.43% and EURUSD closing 0.13% higher. On the flipside the worst performers have been GBPUSD closing -0.58% lower and USDCHF losing -0.21%.
One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for AUD/USD. Out of 144 times, AUDUSD closed higher 54.17% 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 seven trading days, showing a win rate of 53.47% with an average market move of 0.08%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURGBP surging 0.7% and CHFJPY closing 0.61% higher. The worst performers of the day have been GBPCHF tanking -0.79% and GBPPLN closing -0.76% lower.