Currency Strength and Weakness for Monday 7th April 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 JPY, AUD, NZD and CAD.

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


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

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


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.



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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>>

 

[lancedes]

Looks like you got most of them the wrong way around today. Very strange.

 

[Andrew Mitchem]

Looks like you got most of them the wrong way around today. Very strange.

Hi lancedes,

Remember that on a Monday the overall direction is much harder to analyse as the market has only been open for a few minutes for the new week when I write my post.

If you are only looking for trade setups on a pair (such as Buy trades on the AUD/USD for Monday) and the pair falls for most of the day, on the shorter time frame charts there are likely to be very few strong buy trade setups anyway. I didn't see any worth taking, yet on the longer term charts, there was an excellent retracement on Monday which allowed me to enter a Buy trade at a lower price and then yesterday (Tuesday) the AUD/USD moved up really well to take my profit - so there are 2 ways of using the analysis depending upon if you are looking at shorter t/f charts such as 1 hour and below or longer t/f charts such as H4, D1 and above.

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

 

[spunta]

Andrew - thanks for the clarification, I must admit I was blindly placing some of your recommendations (I know you say not to , and Monday was a bad day, but looking back at the chart I can see what you mean, on the hourly chart there was a strong buy looking signal for AUD/USD but not for quite some hours after open (in fact Tuesday morning on the good side of the world) and after that signal it never came back below that level again,so would have been a good buy. Food for thought for next week....BTW today great though....