Yen strength and USD weakness to start the new week – Currency Strength and Weakness for Monday 1st August 2016
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 strength in the JPY and NZD with minor strength in the CHF and AUD
Overall there is weakness in the USD and GBP with minor weakness in the EUR 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 – NZD/USD, NZD/CAD, AUD/USD, XAU/USD
Sell Trades – EUR/JPY, GBP/JPY, USD/JPY, USD/CHF, GBP/CHF, EUR/NZD, GBP/AUD, CAD/JPY, GBP/NZD
Disclaimer: My clients have full access to my trading strategy, including specific trades each day that include the exact entry, stop loss and profit targets.
Use your own trading strategy and look to take trades that setup in the same direction as my daily analysis. If you don’t have a trading strategy, just CLICK HERE and I’ll send you some information to help you out.
WEEKLY FOREX TRADING VIDEO and iTUNES PODCAST:
In this week’s video I talk about:
Have a great week ahead.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator