Forex Market Technical Analysis Summary for Nov 20, 2020
Major FX Pairs Technical Analysis Market Overview Report for Nov 20, 2020 | by Techniquant Editorial Team
With six out of the seven Major FX Pairs closing higher today, the ones that stand out on the positive side are AUDUSD gaining 0.29% and NZDUSD closing 0.25% higher. On the flipside the worst performer has been EURUSD closing -0.15% lower.
One of today's most interesting market conditions in the Major FX Pairs showed up in USDJPY: Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for USD/JPY. Out of 159 times, USDJPY closed lower 55.35% 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 50.94% with an average market move of 0.04%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been USDTRY surging 1.11% and EURTRY closing 0.86% higher. The worst performers of the day have been TRYJPY tanking -1.02% and USDMXN closing -0.48% lower.