Forex Trading Signal Week #26 2010
July 27, 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 Chart: Weak Bullish
From the trend of these 4 charts, it can be seen that there is a consolidation occurring for this currency pair and a strong movement is going to occur pretty soon.
Forex Technical Analysis
Weekly Chart
The price has now closes in to the resistance trend line of the trend channel. I think that the price will definitely move to touch the resistance trend line and then either breakout of it or continue to move within the trend line.
GBPJPY Weekly
Daily Chart
The price is currently moving within a trend channel and it is moving within the Fibonacci 0.500 resistance (136.339) and Fibonacci 0.764 (131.355).
GBPJPY Daily
The rest of the chart are showing the same sign of sideway movement and therefore I do not write about them here.
Overall Forex Analysis
As a whole, I may either go for range trading for the week or I will wait for a forex breakout to enter my position.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart: Flat
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Strong Bullish
- Hourly Chart: Weak Bullish
The sign of bullishness that can be seen on the hourly and 4 hourly charts could be a sign of retracement.
Forex Technical Analysis
Weekly Chart
From the Fibonacci levels drawn, it can be seen that the price is moving close to the strong resistance level 1.31395.
EURUSD Weekly
Daily Chart
From the daily chart, you can see the formation of a CCI negative divergence and the stochastic is overbought.
EURUSD Daily
4 Hourly Chart
At the time of writing, the price on this chart is resisted by a resistance line at 1.30025 and the stochastic has reached the overbought zone.
EURUSD4Hourly
Overall Forex Analysis
I will look for opportunity to go SHORT for the EURUSD as there is a sign of negative divergence on the daily chart and the strong resistance on the 4 hourly chart.
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All very clear. Thank you for your help.
Best regards.
Hi AGomes
Thks for visiting my blog and hope to see you around.