Forex Trading Signal Week #19 2010
June 1, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
- Weekly Chart: Strong Bearish
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Weak Bearish
- Hourly Chart: Weak Bearish
From the above analysis, the trend for GBPJPY this week is DOWN
Forex Technical Analysis
Weekly Chart
The price now is currently in a trend channel waiting for a breakout to occur. The price has just hit the support of the trend channel and has been slightly repelled up. There is not much other indication from the indicators as most of them are pretty flat at the moment.
GBPJPY Weekly
Daily Chart
On the daily chart, the MACD histogram has just flipped up and a bullish crossover has occurred. As the overall trend is down, this may simply be a retracement and it will give you the opportunity to sell the rally in a downtrend.
4 Hourly Chart
On the 4 hourly chart, the price has just broken through a trend line and is validated by the MACD. There is a strong resistance level at 132.895 as it has been tested for 10 times without being breached. As the currency market is like water, they will find the path with least resistance and it is likely that the price will move down.
GBPJPY 4 Hourly
Overall Forex Analysis
The overall trend is down and I will enter a SHORT trade if the price moves below 131.100.
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
It can be seen that the overall trend for this week is DOWN.
Forex Technical Analysis
Daily Chart
For the daily chart, you have to take note of the CCI positive divergence which is a sign that the market may be reversing up. Together with the MACD bullish crossover, it seen quite possible that a reversal or at least a retracement is coming.
EURUSD Daily
4 Hourly Chart
The trend on this chart is very smooth except that a double bottom may be formed. If indeed a double bottom is formed, the positive divergence on the daily chart will take effect.
EURUSD 4 Hourly
Overall Forex Analysis
I will wait for the opportunity to go LONG if the double bottom is indeed formed and together with the positive CCI divergence, it can be a good LONG trade.
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