Currency Strength and Weakness for Wednesday 27th 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 CAD with minor strength in the, AUD, USD and JPY.

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


Trading Directions I am favouring for the next 24 hours


Buy Trades – USD/CHF, CAD/CHF

Sell Trades - EUR/USD, EUR/AUD, GBP/USD, GBP/JPY, GBP/CAD, NZD/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 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?
Learn how I do it>>

 

[noobtrader]

Hi Andrew,

What do you think of shorting the NZD/USD ?


Thank you!

 

[Josh Fortin]

Hello Andrew,

Can I ask what lead's you to help other traders?

How do you finesse yourself? from trading? media? both?

Thank you ahead and good luck.

 

[Andrew Mitchem]

Hi Andrew,

What do you think of shorting the NZD/USD ?


Thank you!

Hi noobtrader,

The NZD/USD has had a good retracement over the last 2 days. Right now (Thursday) we could still see that retracement continue further. However if there is any sign of resistance and an opportunity to go short around the 0.8400 level, that could be your time to enter. The 0.8400 level acted as a strong support area on 4th June, so to me right now that becomes the next obvious resistance area.

---

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

 

[Andrew Mitchem]

Hello Andrew,

Can I ask what lead's you to help other traders?

How do you finesse yourself? from trading? media? both?

Thank you ahead and good luck.

Hi Josh,

Thank you, that's an interesting question. You can find out all about my Forex journey in my e-book (click on the signature below).

My own trading does not take me very long each day as I trade off daily charts - 10 minutes per day, H4 charts - 5 minutes every 4 hours and then the H1 charts but mostly in the Euro session - 5 minutes each hour.

Teaching is something I enjoy as I like the interaction with my students in what otherwise can be a lonely business. It's rewarding to help others who wish to help themselves and teaching keeps my own trading skills sharp plus of course I love trading the Forex market.

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