Forex Trading Signal Week #20 2010
June 7, 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: Strong Bearish
- Hourly Chart: Weak Bullish
From the above analysis, it looks like the overall trend for the GBPJPY is bearish
Forex Technical Analysis
Weekly Chart
The price continues to move within the channel and based on last week movement, the price has been pushed up by the trend channel. As the MACD is below the water line, it is another indication that the market is bearish.
GBPJPY Weekly
Daily Chart
For the daily chart, it can be seen that the price is being resisted by the Fibonacci 0.500 resistance level at 136.332 and is now approaching the 0.764 level at 131.332. Similarly the MACD is below the waterline and it is showing that the market is bearish.
GBPJPY Daily
4 Hourly Chart
However on the 4 hourly chart, the price is supported by a major support level at 130.698. Upon drawing a Fibonacci level, the price is also supported by a 0.382 level at 131.034.
GBPJPY 4Hourly
Overall Forex Analysis
I will be looking for chance to go SHORT this week. If the price breaks below the 130.698 support level, I will enter SHORT.
2) Forex Trading Signal for EURUSD
Forex Trend Analysis
- Weekly Chart: Weak Bullish
- Daily Chart: Weak Bearish
- 4 Hour Chart: Strong Bearish
- Hourly Chart: Strong Bearish
From the above analysis, it can be seen that the overall trend is slowly moving toward bearish.
Forex Technical Analysis
Daily Chart
On the daily chart, the price has successfully broken below the pivot level and is now moving toward the next major support at 1.18217 which is a S1 support level. At the same time, the stochastic has reached the oversold zone and is continuing to move down.
EURUSD Daily
4 Hourly Chart
There is nothing much on this chart except for the nice downward wave that is produced.
EURUSD 4 Hourly
Overall Analysis
For the EURUSD, I will SELL the rally as it is in a downtrend. You can use other lower time frame to look for entry opportunity.
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