More weakness in the Australian Dollar today? – Currency Strength and Weakness for Wednesday 21st May 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.
Yesterday I suggested we trade looking for a weak AUD$ and that is exactly what happened. Today I am looking for more of the same.
Overall the strength remains in the USD, GBP, CHF and JPY.
Overall the weakness remains in the AUD, NZD and CAD.
Trading Directions I am favouring for the next 24 hours
Buy Trades – GBP/AUD, GBP/NZD, GBP/CAD, EUR/AUD, USD/CAD
Sell Trades – AUD/USD, AUD/JPY, AUD/CHF, EUR/JPY, CAD/JPY, CAD/CHF, NZD/USD, NZD/JPY, NZD/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 some suggestions
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– Andrew Mitchem
The Forex Trading Coach
Professional Forex Trader and Educator