British Pound weakness continues – Currency Strength and Weakness for Monday 4th August 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.
There is a public holiday in Canada today so be careful if trading the CAD$ today.
Overall there is strength in the EUR, CHF, AUD and JPY
Overall there is weakness in the GBP, USD and CAD
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/USD, EUR/GBP, EUR/CAD
Sell Trades – GBP/JPY, GBP/AUD, GBP/CHF, GBP/NZD, USD/CHF, CAD/JPY, CAD/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: Watch my weekly Forex news video.
In this week’s video I talk about:
“Why we need volume in the Forex market”
Find out more by clicking here.
Have a great week ahead.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator