The market has been tough to trade this week on the longer time frame charts and once again we see indecision around key potential bounce areas on many currency pairs. One such example is the GBP/USD which has hit the support area created by a swing low on 15th November 2012. Looking back even further, the same area formed a major swing low in July 2011, resistance through December 2011, support through March and April 2012 and resistance again through June and July 2012.
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 NZD and JPY.
Overall there is weakness in the AUD with minor weakness in the EUR and GBP.
Trading Directions I am favouring for the next 24 hours
Buy Trades – EUR/AUD, NZD/USD
Sell Trades – AUD/USD, AUD/JPY, AUD/NZD, AUD/CHF, GBP/NZD, EUR/NZD
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 here for help.
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Have a fantastic weekend.
– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator