Forex Trading Signal Week #17

1) Forex Trading Signal For GBPJPY

Forex Trend Analysis

Weekly Chart: From the weekly chart, it can be seen that the EMAs are now stacked down with better angle and separation. This is a good indication of a downtrend.

Daily Chart: The EMAs for the daily chart are flat and some sort of messy. It does not give a good indication of the trend.

Hourly Chart: In this hourly chart, the EMAs are starting to stack upward and it is an indication of a uptrend.

Forex Technical Analysis

Weekly Chart: The price has been successfully held by the Fibonacci level 0.5 at 140.935 and is currently heading up. The price is currently at the 0.618 Fibonacci level which has now become a resistance for it to test. If the price is successful at breaking the 0.618 level, it will continue to move up.

Daily Chart: A trend line has been formed on this chart and the price has successful break through a resistance level at 145.300 and is now moving up to the next target which is at 148.678.

Hourly Chart: In this hourly chart, you will see that the stochastic has reached the overbought level and you can also see a negative divergence in the MACD. At the time of writing, the price has tested a resistance level at 146.842 for about 10 times on the 15 minutes chart.

Overall Forex Analysis

I will most probably go LONG for this week until the price reached 148.678 which is a resistance level. However you got to be extra careful if you are going for LONG trade because of the negative divergence on the MACD. Overall, I will go LONG until the price reaches 148.678 and go SHORT if it goes lower than 145.300.

2) Forex Trading Signal For EURUSD

Forex Trend Analysis

Weekly Chart: The EMAs are still stacked upward but the steepness continues to be pretty flat.

Daily Chart: The EMAs are stacked up with good angle and separation which is a indication of an uptrend.

Hourly Chart: Contrary to the weekly and daily chart, the EMAs in this chart are stacked down with good angle and separation.

Forex Technical Analysis

Weekly Chart: The price has failed to breach the 1.50678 resistance level and has now move down. The down move is confirmed by the MACD cutting down its trigger line.

Daily Chart: From my last week signal, The breakout for the EURUSD is successful and has moved down quite significantly. However the stochastic has reached the oversold level.

Hourly Chart: The MACD for this pair has reached neutralization and I think that it will continue to move down.

Overall Forex Analysis

I will go SHORT for this pair but I will wait for the price to break down the 1.45000 support level before entering a trade.