Forex Market Technical Analysis Summary for Jul 09, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jul 09, 2020 | by Techniquant Editorial Team
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are EURUSD losing -0.4% and AUDUSD closing -0.24% lower. On the flipside the best performers have been USDCAD closing 0.53% higher and USDCHF gaining 0.17%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCHF: Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for USD/CHF. Out of 72 times, USDCHF closed lower 52.78% 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 52.78% with an average market move of -0.36%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDNOK surging 0.98% and ZARJPY closing 0.63% higher. The worst performers of the day have been EURZAR tanking -0.98% and CHFZAR closing -0.77% lower.