Forex Market Technical Analysis Summary for Jan 24, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jan 24, 2020 | 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 GBPUSD losing -0.41% and AUDUSD closing -0.34% lower. On the flipside the best performers have been USDCHF closing 0.23% higher and USDCAD gaining 0.14%.
One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for AUD/USD. Out of 84 times, AUDUSD closed higher 52.38% 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 55.95% with an average market move of 0.14%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDNOK surging 0.57% and USDPLN closing 0.53% higher. The worst performers of the day have been GBPJPY tanking -0.6% and AUDJPY closing -0.53% lower.