Forex Trading Signal Week #22 2010
June 21, 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: Consolidation
Although the long term trend is bullish, the consolidation on the hourly chart and the weak bearish on the 4 hourly chart is a sign of either a retracement or reversal of this pair.
Forex Technical Analysis
Weekly Chart
The price has successfully been supported by the trend channel and is moving toward its resistance.
GBPJPY Weekly
Daily Chart
The price seems to have successfully broken out of the triangle and has also retested the trend line. If you have entered a LONG trade for this formation, do take note of the Fibonacci 0.500 resistance at 136.339.
GBPJPY Daily
4 Hourly Chart
On this 4 hour chart, the price has also repelled up the trend channel after a few attempts to break below the channel. On this chart, there is a strong resistance at 136.153 and 139.463 which you have to take note.
GBPJPY 4 Hourly
Overall Forex Analysis
As a whole, I will be going for short term LONG trade for this week because of the repulsion of the support trend line on the weekly and 4 hourly chart. In addition, there is a upward triangular breakout on the daily chart.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Week Chart: Weak Bullish
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Strong Bearish
- Hourly Chart: Strong Bullish
The overall trend is bearish for this pair except for the bullish trend on the hourly chart which could be simply a retracement.
Forex Technical Analysis
Weekly Chart
The price is still moving up after being repelled by the major support at 1.18801. The stochastic is pointing up with great gradient signalling a strong upward force.
EURUSD Weekly
Daily Chart
On the daily chart, the price is moving near to a major pivot R1 resistance at 1.25000 and the stochastic has already reached the overbought zone. Do not rush into a trade and wait for the stochastic to move down below the 80 level before entering a SHORT trade.
EURUSD Daily
Hourly Chart
The MACD technical indicator on this chart is showing negative divergence for sometime now and waiting for a reversal to take place.
EURUSD Hourly
Overall Forex Analysis
The approaching of the 1.2500 pivot resistance could be the point where the retracement ends. The double zero number usually forms a very strong support or resistance. In addition to the major resistance, there is a negative divergence on the hourly chart which is also a sign of reversal.
I will be looking to go SHORT for this pair for this week.
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