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The Foreign Exchange Matrix: A new framework for understanding currency movements by Barbara Rockefeller, Vicki Schmelzer

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Chapter 8 – Technical Analysis in Foreign Exchange

“I am shocked, shocked, to find that gambling is going on in here!”

Claude Rains in Casablanca

The foreign exchange market was the first market to adopt technical analysis wholesale, even though the ideas arose first in equities. A vast majority of professional FX traders now use technical analysis in one form or another. It is a logical development because foreign exchange prices tend to be highly trended due to the cyclical nature of underlying economic conditions and their associated interest rates. It is our observation that technicals are a more powerful influence in FX than in other markets.

In part because of the pervasive use of technical analysis, FX trading practices are different ...

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