Highlights from the Daily ATS Forex Dashboard report going into Tuesday, 8 May-
Some of the daily price ranges that are compressed and likely to expand soon are: $GBPNZD $GBPUSD $AUDUSD.
$USDCHF is at an extreme momentum high and suggest tightening stops for an imminent reaction lower.
The market on Monday mostly experienced consolidation as there were no pivot gaps.
$NZDCHF is may be shifting to a bullish structure.
Momentum continues to define the market. The image with this post shows short-term momentum rankings for the 8 major currencies that we follow.
We utilize a statistically-based method of calculating momentum that is robust and adapts to fast or slow moving markets. Additionally, it is normalized so the outputs of one currency can be directly comparable and ranked across the others.
The strongest momentum is ranked "1" in dark green and "8" is the weakest or most negative. This gives you a visual representation of strength and weakness to construct trades with corresponding pairs and crosses that represent buying strength and selling weakness. The most opportunistic trades tend to be when there is a shift in trend moving toward the top or bottom of the momentum ranks.
Please feel free to reach out to [email protected] if you would like a copy of the full 24-page daily report to know more or if you have any questions. We would love to hear from you!
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