Technical analysis is not magic to predict where the price is going. Technical analysis is nothing more than analyzing emotions of traders and what are they doing , buying ,selling ,profiting..etc,
And not to mention that retail traders makes a small percentage of change in currency rates. And most of them trade USD pairs.
Example of what I mean: The EURO/AUD
Its nothing but the difference between exchange rates of the Euro and AUD. Retail traders may have small effect on the E/U and the AUD/USD , but very few of them will trade the EURO/AUD. So whats the point of technically analysing cross pair that has no meaning other than differece between exchange rates of two economies , europe and Australia. If you want to do technical analysis , do it on E/U and AUD/U during active market hours and small time frames. Thats my opinion but maybe I am wrong and someone has other opinion.
And not to mention that retail traders makes a small percentage of change in currency rates. And most of them trade USD pairs.
Example of what I mean: The EURO/AUD
Its nothing but the difference between exchange rates of the Euro and AUD. Retail traders may have small effect on the E/U and the AUD/USD , but very few of them will trade the EURO/AUD. So whats the point of technically analysing cross pair that has no meaning other than differece between exchange rates of two economies , europe and Australia. If you want to do technical analysis , do it on E/U and AUD/U during active market hours and small time frames. Thats my opinion but maybe I am wrong and someone has other opinion.