Forex Trading Signal Week #2
August 7, 2009 by Kelvin
Filed under Forex Signals
This is my forex trading signal for the week. Hope it can help you in your trade. Due to the release of the non-farm payroll, the price are showing sudden movement. Therefore you should be more careful about your decision.
1) EUR/USD
General Outlook
- Weekly Chart: The EMAs are flattening and no apparent trend can be observed
- Daily Chart: The EMAs are flattening and no apparent trend can be observed
- Hourly Chart: The EMAs are stacking up showing uptrend movement
- Weekly Chart: The stochastic has reached the point of overbought and MACD has started to flatten out
- Daily Chart: The stochastic has became overbought and the flattening of the MACD
- Hourly Chart: The stochastic is moving down with good angle and separation together with the MACD due to fundamental news movement
EURUSD Hourly
EURUSD Daily
EURUSD Weekly
Overall Analysis
I will not enter any trade until I can see a good trend on this pair. However, I will think that there will be more downward movement as both the stochastic for the weekly and daily has became overbought.
2) GBP/JPY
General Outlook
- Daily Chart: The EMAs continue to stack down signaling a downtrend
- Hourly Chart: However the hourly chart EMAs are all stack up which is giving us a mix signal for this pair
Technical Analysis
- Weekly Chart: The stochastic has became overbought and is going to cut downside. The price is going to hit the 0.5 Fibonacci resistance.
- Daily Chart: The stochastic has reached a point of overbought and is going to cut through the signal line on the downside. However the MACD is still moving up with good angle and separation
- Hourly Chart: The stochastic and MACD are currently moving up with good angle and separation after a major movement due to fundamental news
GPYJPY Hourly
GBPJPY Daily
GPYJPY Weekly
Overall Analysis
Personally I will be looking for chances to go short but I will only enter any trade after the hourly MACD and Stochastic started to go overbought. Try not to enter short now as there are still momentum on the upside.
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