Currency Strength and Weakness for Tuesday 26th March 2013

Andrew Mitchem

Special Consultant to the FPA
Messages
2,281
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.

I have just uploaded a new trading commentary video to my website. In the video I discuss how the Cyprus issue has made trading conditions very difficult and I discuss the importance of not over trading and also when you do trade, ensure your trades have low risk and a high R:R. At the end of the video you can sign up to receive each new weekly video as soon as it is posted.


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

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


Trading Directions I am favoring for the next 24 hours

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

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

To a Profitable Trading Week for You.
Andrew


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

Learn how I do it>>

 
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George Mcall

Corporal
Messages
89
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.

I have just uploaded a new trading commentary video to my website. In the video I discuss how the Cyprus issue has made trading conditions very difficult and I discuss the importance of not over trading and also when you do trade, ensure your trades have low risk and a high R:R. At the end of the video you can sign up to receive each new weekly video as soon as it is posted.


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

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


Trading Directions I am favoring for the next 24 hours

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

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

To a Profitable Trading Week for You.
Andrew


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

Learn how I do it>>


Whist I agree that the Euro has shown weakness; it is a bit oversold. The lower 20 period daily Donchain Channel sits at 1.28287 and apart from pushing it down a couple of pips yesterday there seems difficulty in getting any lower. Yesterday closed below the daily 200 SMA which is the first time since 16th November 2012. The price action currently sits just below with Daily 200 SMA coming in at 1.28741. The evidence that there is a bottom here is non-existence and thus any trade should be short. There is good argument for a sell-stop order at 1.28200 or a sell-limit order at 1.30000. The sell-stop order could carry a 50 pip stop with a 100 pip target and the sell-limit order a 75 pip stop and a 150 pip target (or possibly use a fixed trailing stop of 75 pips rather than a dynamic trailing stop).

Looking at EUR/JPY, it has just put in a nice looking Three Buda Top on the 15 minute chart which is bearish. However there is a rising trend line which is bullish. Attached is an image of my chart.
 

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