Forex Market Technical Analysis Summary for Mar 26, 2020
Major FX Pairs Technical Analysis Market Overview Report for Mar 26, 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 GBPUSD gaining 2.72% and NZDUSD closing 1.88% higher. On the flipside the worst performers have been USDCHF closing -1.43% lower and USDJPY losing -1.42%.
One of today's most interesting market conditions in the Major FX Pairs showed up in AUDUSD: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for AUD/USD. Out of 383 times, AUDUSD closed lower 54.31% 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 53.52% with an average market move of -0.31%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been GBPHKD surging 2.72% and GBPZAR closing 2.65% higher. The worst performers of the day have been USDMXN tanking -4.12% and USDNOK closing -3.12% lower.