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Currency Strength and Weakness for Monday 22nd April 2013

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.

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.

VIDEO & iTUNES PODCAST: I have just uploaded a new trading commentary video to my website. In the video I discuss:
The Importance of having a Trading Plan, looking at a Confluence of Events and some Recent Results.
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Overall there is minor strength in the NZD, CAD, USD and EUR.

Overall there is weakness in the JPY and GBP.

Trading Directions I am favouring for the next 24 hours

Buy Trades – EUR/JPY, EUR/GBP, CAD/JPY, CHF/JPY, NZD/JPY, USD/JPY – but be careful heading into the 100.00 level.

Sell Trades – GBP/CAD, GBP/USD

To a Profitable Trading Week for You.
Andrew Mitchem

The Forex Trading Coach