Forex Market Technical Analysis Summary for Feb 14, 2020
Major FX Pairs Technical Analysis Market Overview Report for Feb 14, 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 USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%.
One of today's most interesting market conditions in the Major FX Pairs showed up in NZDUSD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for NZD/USD. Out of 241 times, NZDUSD closed higher 53.94% 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 six trading days, showing a win rate of 50.62% 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 USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower.