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Currency Strength and Weakness for Monday 6th May 2013

BY , , , ,

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 and to the iTunes store. In the video I discuss:
+4.2% account gain from last week’s trading, how important is your win rate and the technical signs that showed a likely increase in the US Non-Farm Payroll figures.

Find out more by clicking HERE

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

Overall there is weakness in the JPY, CHF and USD.

Trading Directions I am favouring for the next 24 hours

VERY IMPORTANT: These are not specific trades. Do not blindly place trades in the directions given below. 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


Sell Trades – USD/CAD

Today there is a public holiday in Japan and the UK so be careful when trading the JPY and GBP.

To a Profitable Trading Week for You.
Andrew Mitchem