Yes, that's what the study of the Price Action indicates (a term of art in Commodities and Forex Trading, {stocks too, for that matter} for those unfamiliar, the study of bare / naked Charts only, without lagging, pice derivative, math "technical" indicators.
Can start with this link.....while these explanations are extremely valuable, the real story is much more complex, esp when dealing with Currencies.
BTW....I think an indicator is missing from the Post to which I'm replying..., maybe the CCI? I didn't see it there.
