Forex Trading Signal Week #29 2010
August 30, 2010 by Kelvin
Filed under Forex Signals
I hope that some of you who have read my forex trading signal last week made some profit from the 500 pips move. If you did, congrats to you.
Below is the analysis for this week.
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
- Weekly Chart: Strong Bearish (DOWN)
- Daily Chart: Strong Bearish (DOWN)
- 4 Hourly Chart: Strong Bearish (DOWN)
- Hourly Chart: Weak Bearish (DOWN)
As a whole, you will find that the GBPJPY is in a strong down trend after the trend channel break on the daily chart last week.
Forex Technical Analysis
Weekly Chart
The price continues to move within the trend channel as per last week. However the trend line break has not been confirmed yet.
GBPJPY Weekly
Daily Chart
From the daily chart, it can be seen that the price is currently in a retracement and is resisted by the 0.500 Fibonacci level.
GBPJPY Daily
4 Hourly Chart
The price has just hit the 200 EMA and is resisted by it.
GBPJPY 4 Hourly
Overall Forex Analysis
I will continue to go SHORT (SELL) for this pair as a momentum trade.
2) Forex Trading Signal Week For EURUSD
Forex Trend Analysis
- Weekly Chart: Strong Bearish (DOWN)
- Daily Chart: Strong Bearish (DOWN)
- 4 Hourly Chart: Flat
- Hourly Chart: Weak Bearish (DOWN)
As a whole, the trend for the EURUSD is down.
Forex Technical Analysis
Weekly Chart
The price is successfully resisted by the Fibonacci 0.500 level and is now moving down.
EURUSD Weekly
Daily Chart
You have to take note that the price is moving toward the Fibonacci support level at 1.26099 to try to break through that level the second time.
EURUSD Daily
Overall Forex Analysis
I will go SHORT for this pair until it hit 5 pips above the 1.26099 level.
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Hi Kelvin
at the moment (AUG. 30- 5.GMT) GBPJPY 4H macd is strongly upward near zero
centreline.
from mediumterm view, do you consider this situation bearish ? Although daily / 4h macd are below zero, do you trade short at this time according to your
strategy or wait for another macd crossover down on H4 chart?
Thanks and Regards.