Forex Market Technical Analysis Summary for Jul 13, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jul 13, 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 EURUSD gaining 0.38% and USDJPY closing 0.35% higher. On the flipside the worst performers have been GBPUSD closing -0.54% lower and NZDUSD losing -0.52%.
One of today's most interesting market conditions in the Major FX Pairs showed up in EURUSD: Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for EUR/USD. Out of 141 times, EURUSD closed lower 56.03% 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 56.03% with an average market move of -0.32%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDMXN surging 1.42% and EURGBP closing 0.93% higher. The worst performers of the day have been GBPSGD tanking -0.58% and GBPHKD closing -0.56% lower.