Forex Trading Signal Week #5

1.) Forex Trading Signal for GBPJPY

Forex Trend Analysis

Weekly Chart: Reading off the weekly chart, you will find that the EMAs are stacked downward with good angle and separation. This usually indicates that the current trend is a downtrend.

Daily Chart: The EMAs are flattening and there is no trend at the moment.

Hourly Chart: The EMAs are stacking downwards in good angle and separation but the 50 EMA is starting to curve up.

Forex Technical Analysis

Weekly Chart: The price seems to respect the trend line and is being repel by it. As the stochastic is still pointing down and the MACD histogram has flip to the downside, it is quite certain that the trend is down. In fact, the price pattern is currently at the 4th wave of the Elliot wave and is set to move down.

Daily Chart: This chart is definitely one you should be aware of as the stochastic is currently oversold and is bending up. Although the MACD histogram has not flip up, there is a high chance that we will be seeing a slight retracement as the price may be trying the trend wall before moving in its real direction.

Hourly Chart: In this hourly chart, there is a MACD histogram negative divergence as well as a Stochastic negative divergence. This could also be a sign of downside movement. If you are a elliot wave believer, you should be able to see that the price is currently at its 5th and final up wave.

GBP/JPY Weekly

GBP/JPY Daily

GBP/JPY Hourly

Overall Forex Analysis

Overall the trend should be down but there is a chance for the price to be going up if it exceed 152.737 resistance line. If the line holds, I will be going for “SHORT”.

2.) Forex Trading Signal for EURUSD

No visible trend can be observed from this currency pair and I suggest that you should move around to study other currency pair and trade those with visible trend.