Currency Strength and Weakness for Monday 19th September 2016 – Weakness in the Pound

[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 USD and JPY with minor strength in the AUD and CAD


Overall there is weakness in the GBP, CHF and EUR




Trading Directions I am favouring for the next 24 hours


IMPORTANT: Just to let you know that Monday's trade analysis, when the market opens at the beginning of the new week (Sunday if you are in the US/Europe) are usually the hardest to pick and if you wanted a day off trading, that would generally be the day to choose. The reason being; I am looking at the previous week's prices and the new open prices for the week when making my analysis on a Monday and of course many things can happen between the close of the market one week and the opening of the market the next week and the market sentiment can often change. Just bear this in mind each Monday (Sunday US time)



Buy Trades – EUR/GBP, USD/CHF


Sell Trades – EUR/USD, EUR/JPY, GBP/USD, GBP/JPY, GBP/AUD, GBP/CAD, GBP/CHF, CHF/JPY



DISCLAIMER: My clients have full access to my trading strategy, including specific trades each day that include the exact entry, stop loss and profit targets.

Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.



WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST:


In this week's video I talk about:


"How To Avoid Analysis Paralysis In Your Trading"



Find out more by clicking by signature below.



Have a great week ahead.

Andrew Mitchem

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- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[lloydie]

Andrew, What time is the market to settle down and return to "normal" after FOMC?

Thanks

 

[Andrew Mitchem]

Hi Lloydie,

That's a hard question to answer as it can often depend upon the variation of an announcement from the expected level, plus with an announcement like the FOMC, there is a statement given which can often add to more volatility for a while.
However, as a technical trader (and mostly on on the longer time frame charts) most news announcements do not affect my trading.

Regards,
Andrew

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- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
Learn how I do it>>

 

[rob888]

Thanks for your outlook Andrew. I've been watching GBPUSD and EURJPY closely and both look like they have further to run this next few days. I've sold into the recent strength on GBPUSD this afternoon and kept it at 0.5% on my risk. Waiting on opportunity on EURJPY with the holiday today