Forex Trading Signal Week #13 2010
April 20, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
- Weekly Chart – DOWN
- Daily Chart – Mix
- 4 Hourly Chart – Mix
- Hourly Chart – DOWN
As a whole, the trend is down.
Forex Technical Analysis
- Weekly Chart - The weekly chart is a bit hard to trade with for the coming week unless a strong movement helps to identify the next movement of the market. The price is currently back to retest the support trend line at 142.000 and is also held by the monthly R2 pivot at 143.203. It is either the retest is successful and the price move above the R2 level or the retest is unsuccessful and the price move below the 142.000 level. This explains why the trend in the daily and 4 hourly chart to be mixed. One additional thing we have to take note is the stochastic is currently overbought.
GBPJPY Weekly
- Daily Chart - For the daily chart, the price is currently resisted by a R1 pivot at 144.051. However there is a MACD negative divergence forming which is a signal that there will be a down movement coming. From the chart, you will see a candle with a long bottom wick and this indicates that the S1 pivot level is very strong.
GBPJPY Daily
- 4 Hourly Chart – On the 4 hourly chart, the price is currently resisted by the 0.500 Fibonacci level at 142.192. It looks to me that the price has broken the trend line and is now moving back up to retest the line.
GBPJPY 4Hourly
Overall Forex Analysis
In the short run, I will go SHORT. I will SELL if the price moves below 141.613.
In the long run, I will wait for the market to show some signal on the weekly chart. If the market moves above the R2 resistance at 143.203, I will go LONG and if the market moves below the 142.000 level, I will go SHORT.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart – Mix
- Daily Chart – Mix
- 4 Hourly Chart – DOWN
- Hourly Chart – Mix
The EURUSD looks like it is in a period of consolidation as the trend in most charts if MIX.
Forex Technical Analysis
- Weekly Chart - The market is being supported by a very strong Fibonacci 0.382 level as that level has been tested 8 times consecutive without being successfully breached. That explains why the trend is mix in most chart.
EURUSD Weekly
- Daily Chart – If you plot weekly pivots on this chart, you will see that the price is supported by the S1 and S2 levels. As the MACD and its trigger line are still below the waterline, it is indicating that the market is currently still bearish.
EURUSD Daily
- 4 Hourly Chart – The price in this chart is being resisted by the Fibonacci 0.500 level at 1.34863 and the stochastic is now overbought making the breaking through of the 0.500 level quite hard.
EURUSD 4 Hourly
Overall Forex Analysis
Because of the strong Fibonacci 0.382 level on the weekly chart, I will go LONG for this week. If the price manages to move above 1.34863, I will BUY.
Other Related Posts:
