  Many studies have shown that there are good reasons to claim very low
predictability of currency nevertheless, the deviations from true randomness
exist which have potential predictive and prognostic power [J.James,
Quantitative finance 3 (2003) C75-C77]. We analyze the local trends which are
of the main focus of the technical analysis. In this article we introduced
various statistical quantities examining role of single temporal discretized
trend or multitude of trends corresponding to different time delays. Our
specific analysis based on Euro-dollar currency pair data at the one minute
frequency suggests the importance of cumulative nonrandom effect of trends on
the forecasting performance.
