Forex Trading Signal week #2 Year 2010
January 18, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal for GBPJPY
From the weekly chart, the EMAs are still nicely stacked downward with good angle and separation indicating a downtrend. However both the daily and hourly charts are showing flat EMAs signaling a period of consolidation.
Forex Technical Analysis
On the weekly chart, the price has tested the support trend line which is at the same level with the 0.618 Fibonacci level. The price has been repelled by the support line but the Stochastic is already at the overbought zone and is about to punch down.
On the daily chart, there is a formation of a symmetrical triangle after a downward movement. The stochastic has reached the overbought zone and is now punching down. Moreover the price has just created a double top which is a sign of reversal.
On the hourly chart, the price is currently within a trend channel and the stochastic is oversold and is looking to punch up. However the price looks like it is continuing to move down because it is breached the 0.382 Fibonacci level.
GBPJPY weekly
GBPJPY Daily
GBPJPY Hourly
Overall Forex Analysis
As a whole, the trend for the GBPJPY is DOWN and I will enter a trade when the price breaks below 145.860 which is the Fibonacci level on the weekly chart.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
For the weekly chart, the EMAs are moving slightly up but the gradient is still pretty flat at the moment. As for the daily chart, the EMAs are up but the shorter EMA is starting to point down. For the hourly chart, the EMAs are starting to move down indicating a downtrend.
Forex Technical Analysis
On the weekly chart, the price is currently testing the 0.618 Fibonacci level at 1.42933 and the stochastic is oversold looking set to point up.
On the daily chart, the price has retraced after falling for some time and is now hitting the 0.618 resistance level at 1.45705. At the same time, the stochastic is overbought and is starting to punch down.
On the hourly chart, the price has fallen for sometime while the stochastic is moving up. This forms a stochastic positive divergence which is an indication of an upward movement.
EURUSD weekly
EURUSD daily
Overall Forex Analysis
I will enter SHORT if the price break the 1.42933 level and I will go LONG if the price break the 1.46222 level.
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