Forex Trading Signal Week #27 2010
August 16, 2010 by Kelvin
Filed under Forex Signals
Sorry for not being able to provide the weekly forex signal for the past 2 weeks. It is due to the busy schedule that I have for the launching of my new forex trend line strategy book.
Everything is on the right track now and I am able to resume my routine to provide this signal for you again. (Hurray!)
So let us get into business now…
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
- Weekly Chart: Strong Bearish
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Flat
- Hourly Chart: Weak Bearish
As a whole, the trend for the GBPJPY is down. As for the weak bearish on the hourly chart, it could be the relieving of the downward pressure for so long and I believe it will revert back to strong bearish soon.
Forex Technical Analysis
Weekly Chart
In fact, I am very happy to see how well the price stick to the trend channel that I have drawn and show you for so many weeks. At the time of writing this post, the price has just hit the resistance of the trend channel and there is 2 possibilities in this occurrence.
GBPJPY Weekly
You can either wait for the breakout to occur and then trade the forex breakout strategy or trade the range when the price is being repelled by the resistance line.
Daily Chart
On the daily chart, you can see the formation of a bearish wedge which is a sign of consolidation in progress. Usually the formation of this bearish wedge is a continuation pattern and you just have to wait for the price to break down.
GBPJPY Daily
There is nothing special that I can talk about on the 4 hourly and hourly charts.
Overall Forex Analysis
I will be looking for opportunity to go SHORT for the GBPJPY due to the following reason
- There is a bearish wedge,
- Price hitting the resistance of a trend channel
- Overall trend is bearish.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly Chart: Weak Bearish
- Daily Chart: Weak Bearish
- 4 Hourly Chart: Strong Bullish
- Hourly Chart: Strong Bearish
As a whole, the trend seems to be bearish.
Forex Technical Analysis
Daily Chart
On the daily chart, you can see the breakout of a trend channel as the price continues to move down.
EURUSD Daily
Hourly Chart
On the hourly chart, you can see the price coming back to retest the 0.500 Fibonacci resistance level several times but still remain unsuccessful.
EURUSD Hourly
Overall Forex Analysis
I will go SHORT if the price moves back to retest the trend channel on the daily chart.
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please for GOD sake, help people like me use small english to inter print your signal. e.g meaning of BEARISH and BUULISH, may be it is SELL or BUY signal.
so finally in don’t know the meaning because i don’t good in English
thanks.
love you all over there.
Hi Awotunde
Sorry for the confusion. I will try my best to write in simple words so that all readers can read.