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.
The opening gaps yesterday plus some indecisive price action has meant there is very little good price action to base our trades off right now. The market has been quite slow over the last couple of weeks so it is important during conditions like this not to over trade. Also be aware of the AUD cash rate news today.
Overall there is renewed strength in the AUD, NZD and JPY but be careful as many pairs were simply closing the weekend gaps which could lead to a false reading of this strength.
Overall there is weakness in the CHF, GBP and EUR.
Trading Directions I am favouring for the next 24 hours
Buy Trades – AUD/CHF
Sell Trades – GBP/USD, GBP/JPY, GBP/AUD, GBP/NZD, GBP/CAD
VERY IMPORTANT- PLEASE READ: 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 here for help.
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Professional Forex Trader and Educator