Forex Trading Signal Week #23 2010
July 5, 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: Mix
- Hourly Chart: Weak Bearish
As a whole, the sentiment for this pair is DOWN.
Forex Technical Analysis
Weekly Chart
The price continues to move within the trend channel. There is not much we can do here except waiting for the price to breakout of the trend channel.
GBPJPY Weekly
Daily Chart
There is a triangle breakout on the daily chart and the price is supported by the 0.764 Fibonacci level and looks like it is moving toward the 0.618 resistance level at 134.111. The histogram flip on the MACD indicator has confirmed the breakout and the stochastic is now pointing down with good angle and separation.
GBPJPY Daily
4 Hourly Chart
The price has broken out from the trend channel and has successfully retested the trend line. The MACD histogram is shortening signalling the increase in strength of the bears.
GBPJPY 4Hr
Overall Forex Analysis
I will be going SHORT if the price manages to break below 132.850.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart: Weak Bearish
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Strong Bearish
- Hourly Chart: Weak Bullish
As a whole, the trend is DOWN
Forex Technical Analysis
Daily Chart
Since the trend on this chart is strong bearish, you can go for trend trading strategy as it will work pretty well here.
4 Hourly Chart
The MACD histogram is shortening and this is a sign that the bear is taking over the market. Therefore you can also employ trend trading on this chart as well.
Overall Forex Analysis
I will go for trend trading strategy in this currency pair due to its good down trend.
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