There were several reasons to focus on the Aussie dollar in the London forex trading session. First was the overnight impact of the RBA decision and statement, and second and equally important the ongoing problems in Chile with copper production affecting supply for the red metal. There was also a nice trade on the USD/CHF with the Swiss franc rising strongly on the faster timeframes and it w
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Cryptocurrency strength indicator vs currency strength indicator on TradingView and more volume price analysis across the markets
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Some great volume price analysis examples across all the markets including cryptocurrencies!
https://youtu.be/T-Ja6O3UPXk
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Despite the longer-term bearish picture for the currency of first reserve, in the London session, it was strongly bid and delivered excellent trading opportunities across the majors. On the DXY index the US dollar rose to 90.25 before reversing as the US session started later in the day.
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There was some terrific price action as London forex markets got underway this morning with the US dollar in focus and driving the currency majors. But it was also a day of strong reversals with the currency of first reserve giving up the early gains to fall mid-morning, and of course signaled across the currency specific indicators such as the currency strength indicator, the currency matrix, and the currency array. And of course with volume price analysis leading the way.
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It's all about risk-on and risk-off sentiment trading currencies and why they move from overbought to oversold and back again, all of which is revealed in the key relationships which are all explained in The Complete Forex Trading Program and of which forex sits at the heart. It is the gateway through which
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Many forex traders struggle to understand how and why the currency markets behave in the way they do, but in fact, it is not hard to understand once you start to think of it in terms of one where the flow is constantly from level to level and back again, rising, falling and then rising once more. This is why we always say it is a market of mean reversion where levels and flow are key. Levels dictate reversal points or pause points, whilst flow is dedicated by sentiment and whether it is universal across the complex.
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