These are the 5 min charts for GBPAUD, EURAUD and GBPNZD. I am looking to try and gauge agreement between pairs from the charts to determine strength and weakness.
Here the 3 pairs are agreeing as at London open (green line). They are all below their purple lines, have failed at highs of their immediate ranges and making lower highs. GBPAUD and EURAUD agreeing suggests AUD strength. GBPNZD agreeing with GBPAUD suggests GBP weakness. As mentioned before I have been watching the GBP NZD/AUD correlation for some time now.
Once I get this agreement I am happy that a pair has broader strength/weakness and then looking to time my entry from a retrace on 1 min chart.
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