Forex Market Technical Analysis Summary for Jul 10, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jul 10, 2020 | by Techniquant Editorial Team
With five out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are GBPUSD gaining 0.13% and EURUSD closing 0.13% higher. On the flipside the worst performers have been USDJPY closing -0.27% lower and AUDUSD losing -0.2%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for USD/JPY. Out of 533 times, USDJPY closed higher 50.84% 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 50.47% with an average market move of 0.09%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURAUD surging 0.35% and GBPAUD closing 0.34% higher. The worst performers of the day have been USDMXN tanking -0.89% and AUDJPY closing -0.47% lower.