Forex Trading Signal Week #15
December 1, 2009 by Kelvin
Filed under Forex Signals
1) Forex Trading Signals For GBPJPY
Weekly Chart: In the weekly chart, the EMAs are nicely stacked down with good angle and separation. This is a good indication of a downtrend in action.
Daily Chart: For this daily chart, the EMAs are also stacked down but with lesser angle and separation compared to the weekly chart. Although the EMAs are not in good angle but the fact that there are all stacked down one after the other still indicates a downtrend in this chart.
Hourly Chart: The EMAs in the hourly chart are all stacked one after the other with good angle and separation. The separation of the EMAs in this chart is about the same as the weekly chart and it is also indicating a downtrend.
Weekly Chart: After the retest of the trend line, the price has now punch down quite a lot. However, you need to realise that it is actually in the fifth wave of the Elliot wave and the price will continue to go down. The support for the weekly chart is at the value of 140.132 and the stochastic is below the 50 mark.
Daily Chart: The stochastic has reached the oversold zone and has curved up but the MACD is now below the water level and has good angle and separation. Therefore there maybe another downrun to the support level at the 140.132 level. The price at the time of writing this post is in between the Fibonacci 0.618 and 0.500 and there is a possibility of it moving in either direction.
Hourly Chart: There is a symmetrical triangle formed at the time of this writing and the price is now testing the support. The stochastic is at the 50 mark and look likely to punch down.
Weekly GBPJPY
Daily GBPJPY
Hourly GBPJPY
Overall Forex Analysis
There are a few chance you can enter trade for this pair. First you can trade the breakout of the symmetrical triangle. Second you can wait for the price to break the support at 140.132 to go SHORT.
2) Forex Trading Signals For EURUSD
Forex Trend Analysis
Weekly Chart: The EMAs are stacked upward nicely but the gradient is still not that steep. From the EMAs, it is indicating an uptrend in action for this currency pair.
Daily Chart: The EMAs are all stacked upward nicely with good angle and separation signaling an uptrend.
Hourly Chart: The EMAs for the hourly chart are all flat signaling a period of consolidation.
Forex Technical Analysis
Weekly Chart: There is a resistance at the 1.50885 level that has resisted about 4 candles which makes the level very strong. The MACD as usual still has negative divergence which is forecasting a likely down movement in near future.
Daily Chart: In the daily chart, the is a trend channel formed by 3 resistance and 4 supports. The price has just been repelled by the support at 1.48403 to 1.50190 at the time of writing this post. The MACD in this chart is also showing a negative divergence and the stochastic is now pointing down.
Hourly Chart: Since there is no trend in this chart, the price is now ranging within the channel formed on the daily chart. The MACD is now pointing down but is still above the water line and the stochastic has reached the oversold level.
Weekly EURUSD
Daily EURUSD
Hourly EURUSD
Overall Forex Analysis
You can enter LONG if the price break up the resistance at 1.50885 level. If the price break down the 1.47977 level, you can go SHORT.
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