Good Day,

A new day, a new month, a slow market, same old same old regards to extremes and the chop I suspect.

Yesterday, I cleansed my trades ahead of the FOMC and to be prepared ahead of NFP tomorrow.  I took some looses that I really should have have exited earlier, in particular on the Nordic currencies. Looking at the USD/SEK a few minutes ago, it looks like we have just had a weekly chart false breakout....yet another false move........

Today, we have Janet Yellen, ISM Manufacturing PMi and Weekly Unemployment claims  as key market moving experiences...

Look at the CAD.....we are seeing a return to CAD weakness and USD strength, in the USD/CAD pair. This is a lead indicator, keep your eyes on it. In particular the cross-rates. The EUR/CAD, GBP/CAD and NZD/CAD are all back up in your face again.  I was really expecting huge falls in these pairs.....

The AUD/USD is on lows of the days. I took a trade just before writing this article as follows: -

AUD/USD
Short at 0.9266
Stop Loss 0.9360
Limit 0.8500

The AUD/CAD short RADAR trade triggered earlier and if the AUD/USD falls thru key / critical support at 0.9225..I am expecting the AUD/CAD to drop heavily again towards 1.0100.

Other news: -
<ol>
	<li>GBP/USD got a lift on good data.  There is a Fibonacci confluence of extensions at 1.6920. If it re-tests that level that could be a great short opportunity. If you do not want to short GBP/USD, you could always go long the EUR/GBP instead.</li>
	<li>NZD/USD has a double top around 0.8630. A break thru 0.8600 the measured move would be a short towards 0.8580. I am still short this pair ..so bring it on!!</li>
	<li>Gold and Silver and Copper look under pressure</li>
	<li>The USD index is on / near its lows at 79.40.</li>
	<li>The Nasdaq is still under performing the DOW JONES and S&amp;P.</li>
</ol>
Finally, I was delighted to see that in April the PREMIUM SERVICE despite all the trading issues during the past 30 days actually made money. I hope that you guys are still keeping your heads above water also.

I have included below a summary spread sheet of the month of APRIL and the YEAR TO DATE.

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<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY1-03052014.png"><img class="aligncenter size-full wp-image-3584" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY1-03052014.png" alt="TRADE SUMMARY1 03052014" width="457" height="414" /></a>

<a href="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY2-03052014.png"><img class="aligncenter size-full wp-image-3585" src="https://weeklyfxdrivethru.com/wp-content/uploads/2014/05/TRADE-SUMMARY2-03052014.png" alt="TRADE SUMMARY2 03052014" width="529" height="418" /></a>

If you have problems understanding the above data, drop me an email to: -  premium service@weeklyfxdrivethru.com

Good Luck and Trade Safe,

Scott

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