Question about Strong & Weak Currency analysis
Is there a tool that i can use to determine the strongest currency and the weakest currency. Im not talking about the currency pair, but a tool that looks at all the currencies individually and determines witch one is the strongest and witch one is the weakest. Kinda like something from the below link.
How to Create a “Trading Edge”: Know the Strong and the Weak Currencies | DailyFX
In our live Trading Webinars we often refer to finding out which currencies are the strongest and which are the weakest. By making that determination we can pair the currencies so that we have a strong versus a weak or a weak versus a strong. By doing that we are creating a “trading edge” for ourselves. If we trade a currency pair in which both currencies are fairly equal in strength, we give up the edge because either currency can “take control” since they are of equal strength.
By matching up a strong with a weak, however, we can have a bit more confidence in knowing the direction of the likely move. Then, if we match the direction of that potential move with the direction of the trend on the Daily chart, we have a clear trading edge.