Forex Trading Signal Week #28 2010
August 23, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
- Weekly: Strong Bearish (DOWN)
- Daily: Strong Bearish (DOWN)
- 4 Hourly: Mix
- Hourly: Strong Bearish (DOWN)
As a whole, the trend for the GBPJPY is strongly bearish and this gives us the chance to profit from its down trend.
Forex Technical Analysis
Weekly Chart
Similar to the last week analysis, the price on this chart is moving within the range of the trend channel.
GBPJPY Weekly
4 Hourly Chart
The price has broken down of the bearish wedge that we have discussed last week. In fact, it has successfully retested the breakout and is now moving down.
GBPJPY 4 Hourly
Overall Forex Analysis
I will look for opportunity to go SHORT (SELL) for this currency pair.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
- Weekly: Mix
- Daily: Weak Bearish (DOWN)
- 4 Hourly: Weak Bullish (UP)
- Hourly: Strong Bearish (DOWN)
As a whole, the trend for the EURUSD is not consistent but for short term trade, I will go for SHORT (SELL) trade as the hourly chart shows a strong downtrend.
Forex Technical Analysis
Weekly Chart
The price on the weekly chart has been resisted by the Fibonacci 0.500 resistance level and from the MACD histogram, it can be seen that the seller are gaining strength.
EURUSD Weekly
Daily Chart
The price on the daily chart has been up since 10th June 2010 till it hits the 200 EMA resistance level on 6th August 2010. However you have to take note that the price is now moving toward the 0.500 Fibonacci support level.
EURUSD Daily
Overall Forex Analysis
I think that there is still opportunity to go SHORT (SELL) EURUSD as the price will most probably move until the 0.500 Fibonacci level at 1.26099 before it is stopped by it.
If you have done any analysis on these 2 currency pair for this week, do feel free to share your analysis by commenting below. It will be very useful for all the readers here.
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