Foundations of Technical Analysis: The Power of Parallels & Analogs
See these tools & methodology used in practice, Join Michael for his Weekly Strategy Webinar on Monday mornings.
Foundation of Technical Analysis Series- Click here for the complete series and webinar archives
In this episode of our bi-weekly webinar on the Foundations of Technical Analysis, we reviewed price action on the DXY (dollar index) on the back of the 4%+ decline since the start of the year. An analog of the early 1994 breakdown has been extremely useful in interpreting price action and although the broader picture remains bearish, the index is approaching areas of interest for a reprieve both in price and time.
Topics discussed include:
- Using analogs in price action to identify price patterns
- Multi-timeframe analysis
- Examining Momentum (RSI) – basics / helpful insights on how to effectively use momentum
- Identifying slope / pitchforks
- Q&A Session
- Near-term Setups in GBP/USD, USD/JPY, AUD/JPY
- USD/JPY Plummets to 4-Month Lows; More Pain to Follow?
- AUD/JPY Outlook Hinges on Break of Monthly Opening
- GBP/USD Breakout Underway - Topside Targets in View
Join us for the next Foundations of Technical Analysis Q&A webinar where we’ll take the entire session to answer your questions on trading. Click here to register free!
Why does the average trader lose? Avoid these Mistakes in your trading
Want more information on technical analysis and trading strategies? Check out ourFree DailyFX Trading Guides!
---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.