Forex Market Technical Analysis Summary for Jul 31, 2020
Major FX Pairs Technical Analysis Market Overview Report for Jul 31, 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 NZDUSD losing -1.04% and AUDUSD closing -0.72% lower. On the flipside the best performers have been USDJPY closing 1.12% higher and USDCHF gaining 0.48%.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDCAD: Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for USD/CAD. Out of 765 times, USDCAD closed higher 49.80% 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 50.07% with an average market move of 0.08%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDZAR surging 1.87% and GBPZAR closing 1.79% higher. The worst performers of the day have been NZDCAD tanking -1.15% and NZDHKD closing -1.05% lower.