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New article Working with currency baskets in the Forex market has been published:
The article describes how currency pairs can be divided into groups (baskets), as well as how to obtain data about their status (for example, overbought and oversold) using certain indicators and how to apply this data in trading.
How should we decide on performing a trading operation with a currency basket? It would be quite difficult to do so based solely on currency pairs behavior due to the large size of the baskets. We need additional technical data on basket currency status parameters. Let's focus our attention on the RSI indicator graph for the three currency pairs from the GBP basket, namely GBPUSD, GBPJPY and GBPCHF. D1 graph is displayed in the image below:
As you can see, these three graphs have much in common: many extreme values are located similarly, while up and down intervals also have much in common. This similarity can be explained by the same basket currency — the British pound. Its strengthening and weakening lead to such up and down intervals.Author: Andrei Novichkov