I have made an 'index' of 56 currency pairs, including Gold and Silver, in order to be able to have a look at the momentum of the Forex market in general and also to be able to compare performance of individual currency pairs to the 'index'.
One of the indicators that I use on this chart is a 'homemade' momentum indicator that can reflect the direction of the momentum of the 'index.
For today's purpose, the chart only shows the 'homemade version of the momentum indicator, I have a couple more 'homemade' indicators that I use for different purposes.
Now here is the chart and you will see that the upward momentum of the past two months has turned bearish, which to me indicates that the market may be losing some of the steam it has been showing.
You will see that the last candle is similar to bearish engulfing, an indication that we may some reversals in coming days.
Hopefully this information will benefit your trading strategy for the coming week.
Good Trading..!
