Currency Strength and Weakness for Monday 5th August 2013

[Andrew Mitchem]

Hi Traders,

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.

There is a public holiday in Australia today so be careful if trading the AUD pairs today. There have been some huge opening gaps with the NZD pairs today.

Overall there is strength in the GBP, EUR, JPY and CHF.

Overall there is weakness in the NZD, AUD and CAD.


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.

VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given below. 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.


Buy Trades - EUR/AUD, EUR/CAD, GBP/USD, GBP/AUD, GBP/NZD, GBP/CAD

Sell Trades - CAD/JPY, CAD/CHF, AUD/CHF


WEEKLY TRADING NEWS VIDEO and iTUNES PODCAST: View my weekly Forex news video.
In this week's video I talk about:

"Why you should trade what you see and not what you think"


Find out more by clicking on my signature at the bottom of this post.


Have a great week ahead.
Andrew

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

 

[Koda]

Hi Andrew, can you please advise of what Public Holiday there is as I live in Melbourne, Australia and it is business as usual, including schools. Nothing on my wall calendar stating a Public Holiday....
Regards

 

[Andrew Mitchem]

Hi Andrew, can you please advise of what Public Holiday there is as I live in Melbourne, Australia and it is business as usual, including schools. Nothing on my wall calendar stating a Public Holiday....
Regards

Hi Koda,


Forex Factory have a Public Holiday for Australia today, see here

This site also has a holiday in certain states, see here

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

 

[Koda]

Hi Andrew and all, my apologies, limited Australian holiday in one state (NSW) and in one territory (NT). The Picnic Day in NT I wouldn't think would of had much effect on commerce in AU but the Bank Holiday in NSW may have more of a major financial impact. Must get a better wall calendar which has ALL the public holidays or double check with Forex Factory! Again - sorry for raising this.
Regards