Currency Strength and Weakness for Friday 9th May 2014

[Andrew Mitchem]

Hi Forex Trader,

I make my suggestions every day based on where I see the market heading over the next 24 hours. Use my analysis below to aid your trading and to help you keep on the right side of the market.

My suggestions are posted by 6pm EST each day.

Overall there is strength in the AUD, CAD and JPY.

Overall there is weakness in the EUR, CHF, GBP and NZD.


Trading Directions I am favouring for the next 24 hours


Buy Trades – AUD/USD, AUD/NZD, AUD/CHF, USD/CHF, CAD/CHF

Sell Trades - EUR/USD, EUR/JPY, EUR/AUD, EUR/CAD, GBP/CAD, CHF/JPY, NZD/CAD, USD/CAD


VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given above. Use your own trading strategy and look at taking setups that occur in the same direction as my daily analysis. If you don't have your own trading strategy then email me here for help.




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Have a fantastic weekend.

---

- Andrew Mitchem
The Forex Trading Coach
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[kgashane]

Hi Andrew,

In your suggested Sell Trades you have...

EUR/USD and USD/CAD amongst others. This to me means you predict USD will go down as against EUR, but USD will go up as against CAD. Aren't you contradicting yourself here? I mean how is it possible that USD will go down and up at the same time on the two price charts? Is there something I'm missing?

 

[ahmer]

Hi Andrew,

In your suggested Sell Trades you have...

EUR/USD and USD/CAD amongst others. This to me means you predict USD will go down as against EUR, but USD will go up as against CAD. Aren't you contradicting yourself here? I mean how is it possible that USD will go down and up at the same time on the two price charts? Is there something I'm missing?

Agreed!

He even did not post the Strength / Weakness of USD currency, Co-relevancy is very common in MAJOR PAIRS. Generally, USD shows huge momentum on Friday at the opening of NY session.

Buy Trades
AUD/USD
USD/CHF

Sell Trades
EUR/USD
USD/CAD

I have analyze that Andrew assume "Engulfing" candle a sign of continuation for next day. He also use bollinger bands to get the direction.