Forex Trading Signal Week #3
August 21, 2009 by Kelvin
Filed under Forex Signals
Hi, Welcome to the forex signals for the week. Today I will be doing an analysis for GBP/JPY & EUR/USD.
Forex Trend Outlook for GBP/JPY
- Daily Chart: The EMAs are stacking for short
- Hourly Chart: The EMAs are stacking for short
Forex Technical Analysis for GBP/JPY
- Daily Chart: There is a trend wall for this currency pair and the price is now at the support of this trend wall and is either going to pull up or breakthru the wall. Looking at the stochastic, there is still good angle and separation on the downside.
- Hourly Chart: The price seems to be moving lower and lower but the stochastic are pointing up with good angle and separation.
GBPJYPHourly
GBPJYPDaily
Overall Technical Analysis for GBP/JPY
As a whole I will wait to see the price action on the daily chart, if the price manage to break through the trend wall on the downside, this is going to be a breakout trade. Simply wait for the stochastic to go overbought at the hourly chart and get into a trade once the price break down the trend wall. (At the time of writing this, there is a news release and it trigger a rocket price surge of 150 pips)
Trend Outlook for EUR/USD
- Daily Chart: The EMAs are stacking for long
- Hourly Chart: The EMAs are stacking for long
Technical Analysis for EUR/USD
- Daily Chart: The price has just rebound from the support trend line of the wall and the stochastic is currently moving up with good angle and separation.
- Hourly Chart: Breakout trade has just occur and the price has just finish reaching its price projection level with the stochastic overbought and is now moving down.
EURUSDHourly
EURUSDDaily
Overall Technical Analysis for EUR/USD
The overall price analysis goes for long and I will personally wait for a chance to go long. I will most probably go long only after the stochastic for the hourly chart become oversold and starting to punch up. However there are also a chance for short scalping and the best time will be when the price touch the resistance trend wall.
All the best to your trading!
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