STA Blog

Technical Trading: Is it still beating the foreign exchange market?

Academics from the University of Hong Kong and University of Warwick have carried out a large-scale investigation of technical trading rules in the foreign exchange market, using daily data over 45 years for 30 developed and emerging market currencies.

Employing a stepwise test to counter data-snooping bias and examining over 21,000 technical rules, they found evidence of substantial predictability and excess profitability in both developed and emerging currencies, measured against a variety of performance metrics.

To read the research by the following academics, please click here

Po-Hsuan Hsu
School of Economics and Finance, University of Hong Kong

Mark P. Taylor
Warwick Business School, University of Warwick

Zigan Wang
School of Economics and Finance, University of Hong Kong


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The views and opinions expressed on the STA’s blog do not necessarily represent those of the Society of Technical Analysts (the “STA”), or of any officer, director or member of the STA. The STA makes no representations as to the accuracy, completeness, or reliability of any information on the blog or found by following any link on blog, and none of the STA, STA Administrative Services or any current or past executive board members are liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use. None of the information on the STA’s blog constitutes investment advice.

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