Currency Strength and Weakness for Wednesday 14th May 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 USD, AUD and NZD.

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


Trading Directions I am favouring for the next 24 hours


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

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


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 some suggestions


FREE FOREX WEBINARS THIS WEEK FOR NEW FOREX TRADERS; click on my signature at the bottom of this post for more details. There are 2 webinar times this week.


Regards
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, Can you please tell me something.

Like you said there is strength in the USD, AUD and NZD.

i am curious about AUD/NZD and CAD/CHF both these pairs are not included in your forecast. Can you tell me why you avoid AUD/NZD today.

 

[Aslan]

Hi,

Andrew, Can you please tell me something.

Like you said there is strength in the USD, AUD and NZD.

i am curious about AUD/NZD and CAD/CHF both these pairs are not included in your forecast. Can you tell me why you avoid AUD/NZD today.

Ahmer,

If Andrew is recognizing strength in BOTH the AUD and NZD currencies then it would not be ideal to trade those pairs against each other ( ie. going long or short AUD/NZD ).

Optimal setups occur in pairs where one currency is showing strength and its counterpart is showing weakness.

So essentially you look at the list of currencies where there is overall strength and look to trade one or more versus currencies where there is overall weakness as opposed to trading strength against strength.

With regard to the CAD/CHF, Andrew didn't mention the CAD in his daily post so we can assume there wasn't a clear direction one way or the other. This is why there were no CAD pairs in his potential setups.

Cheers.

 

[ahmer]

Andrew Recommend Selling EUR/USD - DAILY CHART

SELL TRADE - EUR/USD I am curious how can you predict Selling EUR/USD on that area.


EUR/USD Daily Time Frame