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A Different Approach to Selecting Dollar, Pound, Aussie Trades

A Different Approach to Selecting Dollar, Pound, Aussie Trades

Talking Points:

• We approach fundamentals by identifying a strong or weak currency and then finding an ideal pairing

• Yet, many follow a technical approach that is less targeted

• By taking a more single-currency, targeted approach to technical analysis, we can better filter setups

Want to develop a more in-depth knowledge on the market and strategies? Check out the DailyFX Trading Guides we have produced on a range of topics.

For many traders, selecting setups involves cycling through charts until they come upon a recognizable pattern. While this process can identify opportunities, it has its drawbacks: our analysis takes longer, there is limited insight into follow through and we can miss a better positioned substitute. For fundamental traders, the evaluation process starts by assessing the strength or weakness of a particular currency and then seeking out ideal counterparts for the scenario. If we approached technicals the same way, it can help filter better opportunities and keep us from the siren call of those setups that play more to emotions rather than reason. We take a targeted technical analysis view of the Dollar, Pound and Australian Dollar in this weekend Strategy Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.