Forex Market Technical Analysis Summary for Oct 16, 2020
Major FX Pairs Technical Analysis Market Overview Report for Oct 16, 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 NZDUSD gaining 0.14% and GBPUSD closing 0.1% higher. On the flipside the worst performers have been USDCAD 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 EURUSD: Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for EUR/USD. Out of 657 times, EURUSD closed lower 51.90% 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 52.97% with an average market move of -0.15%. Read more
Looking at the Minor FX Pairs and Crosses, the winners of the day have been EURNOK surging 0.37% and USDNOK closing 0.36% higher. The worst performers of the day have been USDMXN tanking -0.65% and CHFZAR closing -0.54% lower.