Forex Trading Signal Week #25 2010
July 19, 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: Flat
- Hourly: Flat
The trend for this week continues to be flat as the market is still in the process of consolidation.
Forex Technical Analysis
Weekly Chart
As stated in the previous 2 weeks, the price is still moving within a trend channel and has yet to find a way to breakout of it.
GBPJPY Weekly
Daily Chart
In my last week analysis, I have talked about the breakout of a symmetrical triangle and the price suddenly started to move sideways instead of down. In this week analysis, the triangle has transformed into a bearish wedge.
GBPJPY Daily
4 Hourly Chart
The price is currently moving within a range and the spread of the range is about 500 pips in total.
GBPJPY 4 Hourly
Overall Forex Analysis
As a whole, the market for the GBPJPY should be moving in a range and I will be looking to go for Range trading.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart: Weak Bearish
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Weak Bullish
- Hourly Chart: Strong Bullish
For this week, there may still be a bullish run as the price on the higher time frames are started to retrace.
Forex Technical Analysis
Weekly Chart
The market for this pair is currently moving toward the resistance trend line and there is nothing much happening here at the moment.
EURUSD Weekly
Daily Chart
There is a slight retracement on this time frame and at the time of writing, there is a formation of a CCI negative divergence. In addition the stochastic is overbought and is looking to move down.
EURUSD Daily
4 Hourly Chart
The price on this time frame has just finished its full Fibonacci extension and there may be a reversal in action.
EURUSD 4 Hourly
Overall Forex Analysis
With the formation of CCI negative divergence on the daily chart and the completion of full Fibonacci extension on the 4 hourly chart, I will be looking to go SHORT for this pair.
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Hi Kelvin, I am new to your blog and I am enjoying it alot.
Can you please comment on which currency pairs do you trade or recommend to trade?
Thanks alot!
King
Hi King
I personally trade the EURUSD and GBPJPY.
I trade the GBPJPY because of its high volatility. The downside is the stop loss will be larger for this pair. For a start, you can go for EURUSD which is less volatile and lesser spread.