Forex Market Technical Analysis Summary for Jul 03, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jul 03, 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 NZDUSD gaining 0.35% and AUDUSD closing 0.2% higher. On the flipside the worst performers have been USDCAD closing -0.1% lower and USDCHF losing -0.01%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for USD/CAD. Out of 181 times, USDCAD closed higher 56.35% 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 52.49% with an average market move of 0.22%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURHUF surging 0.57% and USDHUF closing 0.44% higher. The worst performers of the day have been USDNOK tanking -0.6% and EURNOK closing -0.51% lower.