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.
As mentioned on Friday, it was all about the JPY weakness. This certainly followed through with the JPY showing a lot of weakness.
There is a public holiday in Japan, the US and Canada today so it is likely we’ll see a quiet day.
Overall there is strength in the NZD, CAD and EUR.
Overall there is weakness in the JPY 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.
Buy Trades – EUR/JPY, NZD/USD, NZD/JPY
Sell Trades – GBP/NZD
Be aware that the large weekend gaps on most pairs, plus the 3 main public holidays could lead to some tricky trading conditions today.
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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– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator