Forex Trading Signal week #1 Year 2010
January 6, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The EMAs on the weekly chart are stackd nicely down but the EMAs on the daily chart are flat showing a sign of consolidation. On the Hourly chart, the EMAs are stacked up but they are starting to curve down at the time of writing this post.
I will say that the overall trend seems to be mixed on the various time frame but personally I will stick to the longest time frame as a gauge which is a down trend.
Forex Technical Analysis
On the weekly chart, the price has broken the symmetrical triangle on the upside for the 25th December week but it seems to be a fake out because there is no confirmation from the MACD. In this week, the price has dropped and pulled back to retest the support line.
On the daily chart, there is also a upward breakout of symmetrical triangle which is not validated by the MACD and the price now has retraced and is testing the support line. In this daily chart, the support line coincidentally aligned with the Fibonacci level 0.618 and it will be a strong support. However the stochastic has reached overbought and is now punching down.
On the hourly chart, the price has just moved down some 300 pips after the formation of a double tops and the breach of its neck line. However the price has just hit the 146.230 support and is ranging between the support and its resistance level. At the time of writing this post, the stochastic on this chart is oversold and is punching up.
GBPJPY Weekly
GBPJPY Daily
GBPJPY Hourly
Overall Forex Analysis For GBPJPY
Since the weekly chart is up and the daily chart is flat, the overall trend will be down as the higher the time frame, the more weightage it has. In addition, from my previous few trading signal posts, I told you that the price on the weekly chart is on the 5th wave of elliot down wave movement.
Therefore I will go SHORT if the price goes below 145.415 which is the major support on the daily chart.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
The EMAs on the weekly and daily chart are stacked upward with good angle and separation indicating an uptrend. On the hourly chart, the trend is down but the EMAs are slowly moving upward.
The overall trend for the EURUSD is UP
Forex Technical Analysis
On the weekly chart, the price is supported by the Fibonacci 0.382 support level at 1.42787. In fact, the price has tested this support level 4 times now indicating the strength of the support. In addition, the stochastic has reached the oversold zone and is looking to punch up.
On the daily chart, the price is supported by the 200 EMA line and the stochastic are now punching above the 50 mark.
EURUSD weekly
EURUSD Daily
Overall Forex Analysis For EURUSD
I will go LONG if the price move above 1.44394 which is a 0.5 Fibonacci level.
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