Forex Market Technical Analysis Summary for Jun 29, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jun 29, 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 USDCHF gaining 0.33% and USDJPY closing 0.33% higher. On the flipside the worst performers have been GBPUSD closing -0.29% lower and USDCAD losing -0.2%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for USD/CAD. Out of 432 times, USDCAD closed higher 52.55% 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 56.48% with an average market move of 0.27%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURJPY surging 0.55% and EURCHF closing 0.55% higher. The worst performers of the day have been GBPPLN tanking -0.78% and GBPCAD closing -0.5% lower.