Yeah but that efficiency & value is constantly being juggled & computed by the aggregated input of all the differing influences.
Doesn’t matter who is monitoring & tracking a currency pair such as AUDUSD in your example. Be it a major bank desk, a juggernaut institutional fund or a part-time home speculator. Within a cats whisker or two, everyone is seeing the same price criss-cross the same levels at every stage of its journey.
All of the relevant economic data & indicators, investor & analyst opinions, speculator sentiment, rumour mongering & proxy influences will constantly be absorbed, prioritized, processed & presented via the price chart, which is a direct reflection of the cumulative result of all that information.
The only thing the participants of this thread are interested in are the occasions where that aggregated view manifests itself via short to medium term dominant flow, & when it exhausts either temporarily or permanently, observed by its interaction with daily & weekly high-low levels, because they are the unambiguous gauges of progression or deflection.
During its constantly evolving journey there will be revisions & updates in all of those indicators & opinions, some of them minor, some of them major but no-one, regardless of their stature within the industry or financial standing, will have the remotest clue where it’s going next until it begins jogging no matter how much information they acquire or observe.
I could care less whether all the analysts, banks or funds in the industry think Aussie will strengthen. If it’s looking like a high probability bet versus any of its trading partners it will leave a highly visible footprint on its journey (be it long or short) which at some point will begin flashing on our radars based on the criteria we monitor.
Our signal to engage will be at the point it begins to fulfil those criteria & I’ve witnessed plenty of occasions over the past year or so when that directly contradicts some or all of the above. Certainly sufficient enough times for me to place much more trust in engaging via what I actually see as opposed to what I or anyone else thinks or hears or even what fundamental & accompanying indicators suggest.