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7 FX pairs to Trade Today – Currency Strength and Weakness for Monday 10th November 2014

BY , , , , ,

7 FX pairs to Trade Today – Currency Strength and Weakness for Monday 10th November 2014

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 minor strength in the CHF, CAD and NZD.

Overall there is weakness in the USD and GBP.




Trading Directions I am favouring for the next 24 hours

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 (Sunday US time)

Buy Trades – EUR/GBP, NZD/USD

Sell Trades – USD/CAD, USD/CHF, GBP/NZD, GBP/CAD, GBP/CHF



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 help.



WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST

In this week's video I talk about:

“Big Moves, Big Trends and Better Trading Conditions”




Have a great week ahead.
Andrew Mitchem


– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator

  • Barry Curtis

    Hi Andrew. Of all the currency pairs you suggested trading, over the course of the day, all but one, I believe, finished in the direction you suggested trading. Surely, if as you suggest, there is strength/weakness in a currency, one would expect that to have an impact on the closing price, no? I’m not trying to be antagonistic, but I’d really like your thoughts.

  • Hi Barry,
    With the analysis that I make here, I am not overly interested in what the next day’s closing price will be as I am looking at trading the pairs mentioned and in the anticipated direction if I see a high quality setup. Take the GBP/NZD on Monday for instance, there were 2 excellent setups that I saw and took on the H1 charts, yet by the close of the day the candle closed higher than it opened.
    I hope this helps.
    Andrew