Forex Trading Signal Week #12 2010
April 13, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Overall Forex Trend
Weekly Chart – UP
Daily Chart – Flat
4 Hourly Chart – UP
Hourly Chart – UP
From the above analysis, the overall forex trend for the GBPJPY is UP.
Forex Technical Analysis
Weekly Chart
The price has move back to retest the support line and if it is successful, there will be a huge up movement for this pair. There is a pivot R2 support level at 143.260 and the stochastic has reached the overbought zone.
GBPJPY Weekly
Daily Chart
The price is currently experiencing a support at 143.300 and the stochastic has started to curve upward. However the MACD histogram is shortening and look set to flip over to below zero and this is a bearish sign.
4 Hourly Chart
In the 4 hour chart, it looks like the price is forming a double top which signify a possible reversal. At the same time, the RSI has started to curve down and the stochastic has reached the overbought zone.
GBPJPY Daily
Overall Forex Analysis
As a while, the trend is UP but there is a possible reversal due to the double top formation at the 4 hourly chart.
Therefore I will BUY if the price goes above 145.000 and I will SELL if it manages to break below 142.500.
2) Forex Trading Signal For EURUSD
Overall Forex Trend
Weekly – UP but with weak momentum
Daily – Mix
4 Hourly – DOWN
Hourly – UP
For the EURUSD, there seem to have contradicting trend and therefore it is very hard to trade.
Forex Technical Analysis
Weekly Chart
The price has failed to break below the support level at 1.34748 and is moving up. At the time of writing, the MACD histogram looks like it is going to flip up.
EURUSD Weekly
Daily Chart
It looks like the fifth wave of the Elliot wave pattern has been fulfilled and a reversal is likely to occur.
EURUSD Daily
4 Hourly Chart
There is a formation of a double bottom and the price has broken through the neckline and the price is now moving back to retest the support. If the neckline support manages to hold, there will be a upward movement.
EURUSD 4Hourly
Overall Forex Analysis
I will go LONG if the price successfully tested the support level at 1.35860 and I will take profit at 1.38870
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