Forex Trading Signal Week #17 2010
May 17, 2010 by Kelvin
Filed under Forex Signals
For those of you who have placed your trade on the alert that I have sent to you last week, you should have made some profit from it. The market has moved down by over 600+ pips since the breakout of the symmetrical triangle and those of you who have entered multiple lots, you should now exit them as the target has been hit.
For those of you who miss out this trade, do watch out for my further alert. However trading is not a 100% thing and the alert that I provide might not always turn out to be profitable trade, but I will only provide you with alert that can gives you a high risk reward ratio so that you can profit from your trading in the long run.
Below is the forex analysis for the week:
1) Forex Trading Signal For GBPJPY
- Weekly Chart: Strong Bearish
- Daily Chart: Weak Bearish
- 4 Hourly Chart: Mix
- Hourly Chart: Strong Bearish
From the above trend analysis, the GBPJPY for this week is bearish
Forex Technical Analysis
4 Hourly Chart
On the 4 hourly chart, the price has already break below the symmetrical triangle last week and is now heading toward the projected target of 131.000. At the time of writing this, it has already hit the 131.000 target and a retracement is likely to occur.
Hourly Chart
For the hourly chart, there is also a symmetrical triangle breakout. From the long term MACD, it can be seen that the downtrend is still having strong momentum.
GBPJPY Hr
Overall Forex Analysis
I will sell the rally in a downtrend for this whole week
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart: Weak Bullish
- Daily Chart: Weak Bearish
- 4 Hourly Chart: Strong Bearish
- Hourly Chart: Strong Bearish
As a whole, the trend for this week for EURUSD is bearish.
Forex Technical Analysis
Weekly Chart
As I have stated in last week forex signal for EURUSD, the market is set to reverse as the price has broke below the Fibonacci 0.382 level. The next coming support will be at 1.18690.
EURUSD Weekly
Daily Chart
For this chart, the price is moving toward the S1 pivot level at 1.21316. Due to the strong downtrend, you should be looking to SHORT the EURUSD for this week until it hits the support level.
EURUSD Daily
Overall Forex Analysis
Similar to the GBPJPY, I will look to sell the rally in a downtrend for this entire week.
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