Forex Trading Signal Week #14 2010
April 26, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
- Weekly Chart – DOWN
- Daily Chart – Mix
- 4 Hourly Chart – UP
- Hourly Chart – UP
Forex Technical Analysis
- Weekly Chart - On the weekly chart, the price seems to have successfully tested the trend line that it has broken a month ago and is now heading north. In fact the market has successfully broken through the monthly pivot R2 level at 143.100 and is looking to head to at least R3 at 150.500.
Weekly GBPJPY
- Daily Chart - At the time of writing this post, the price has hit the weekly pivot R1 at 146.387 and is pushed back. As the CCI is now sloping up, there is a high chance that the market will continue to head north for this week.
Daily GBPJPY
- 4 Hourly Chart - The price has just broken out of the ascending triangle and is held by the daily pivot R2 at 145.800. It looks like the market will come back to retest the trend line that it has breached as the CCI on this chart has started to slope down.
4hourly GBPJPY
Overall Forex Analysis
As a whole, the short term trend is UP and I will look to BUY when the price retraces back to 144.200 to retest the trend line and then take profit at around 148.443 which is the price projection for the ascending triangle.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart – Flat
- Daily Chart – Mix but moving Down
- 4 Hourly Chart – DOWN
- Hourly Chart – Mix but moving Down
Forex Technical Analysis
- Weekly Chart - The price has finally succeeded in breaking through the Fibonacci 0.382 support level at 1.34748. However from the MACD histogram, it seems that the strength of the seller has weakened as it is sloping up. So be careful.
EURUSD Weekly
- Daily Chart - The price on this chart is supported by a daily S1 pivot at 1.32207 and the stochastic for this chart has reached the oversold zone and is curving up.
EURUSD Daily
- 4 Hourly Chart - The price is currently supported by the pivot point at 1.332 and this is the third times it is testing this support. The stochastic has reached the overbought and is now looking to punch down.
EURUSD 4hourly
Overall Forex Analysis
The overall trend for this pair is DOWN and I will look for chance to go SHORT. I will go SHORT when the price moves below 1.32900.
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