Currency Strength and Weakness for Thursday 7th August 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, JPY and CAD

Overall there is weakness in the EUR, USD, GBP and NZD


Trading Directions I am favouring for the next 24 hours


Buy Trades – AUD/USD, AUD/CHF

Sell Trades - EUR/JPY, EUR/AUD, EUR/CAD, GBP/JPY, GBP/AUD, GBP/CAD, NZD/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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Andrew

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- Andrew Mitchem
The Forex Trading Coach
30 minute a day "full time" forex trading?
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[ahmer]

Hi Andrew,

If AUD has strength and NZD was weak then Why did not you suggest Buy AUDNZD ?
AUDNZD was as strong key resistance level, probably you also analyze this that's why you ignore that pair in you list today.

I was able to filter out reversal because of fundamentals and I took reversal trade.

Short AUDNZD.

 

[MikiFX]

Hi Andrew. It seems that you are not hiting with your forecasts Today...

 

[cgradissimo]

Buy AUDUSD? Maybe there are something i don't see...

 

[Andrew Mitchem]

Hi Andrew,

If AUD has strength and NZD was weak then Why did not you suggest Buy AUDNZD ?
AUDNZD was as strong key resistance level, probably you also analyze this that's why you ignore that pair in you list today.

I was able to filter out reversal because of fundamentals and I took reversal trade.

Short AUDNZD.

Hi Ahmer,

I couldn't see the AUD/NZD getting stronger due to several strong technical levels - which is why I didn't mention it in the report.

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

 

[Andrew Mitchem]

Hi Andrew. It seems that you are not hiting with your forecasts Today...

Hi MikiFX.

There were still some great setups which I took, the EUR/JPY, GBP/JPY and USD/CAD especially.

The Aussie pairs all traded the opposite to my analysis but apart from the AUD/CHF I didn't see any Buy setups on any of the other pairs.

---

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

 

[Andrew Mitchem]

Buy AUDUSD? Maybe there are something i don't see...

Hi cgradissimo,

Don't forget that I made my analysis here some 12 hours before you wrote this. I also could not see any Buy setups on the AUD/USD 12 hours later but hindsight is a wonderful thing!

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