Forex Market Technical Analysis Summary for Mar 27, 2020
Major FX Pairs Technical Analysis Market Overview Report for Mar 27, 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 2.08% and AUDUSD closing 1.65% higher. On the flipside the worst performers have been USDJPY closing -1.48% lower and USDCHF losing -1.27%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 200" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for USD/JPY. Out of 44 times, USDJPY closed higher 56.82% 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 10 trading days, showing a win rate of 54.55% with an average market move of 0.16%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been GBPZAR surging 3.95% and CHFZAR closing 3.11% higher. The worst performers of the day have been ZARJPY tanking -3.32% and TRYJPY closing -2.45% lower.