Forex Market Technical Analysis Summary for May 22, 2020
Major FX Pairs Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team
With four out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are GBPUSD losing -0.47% and EURUSD closing -0.44% lower. On the flipside the best performers have been USDCAD closing 0.33% higher and USDCHF gaining 0.08%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 425 times, USDJPY closed lower 52.71% 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 two trading days, showing a win rate of 52.24% with an average market move of -0.01%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDCZK surging 1.09% and USDHUF closing 0.9% higher. The worst performers of the day have been USDMXN tanking -0.58% and SGDHKD closing -0.51% lower.