Forex Trading Signal Week #5 2012
I hope that some of you guys have profited from the 200 over pips down move last week for the negative macd divergence that I have talked about last week.
Below is the signal for this week
Forex Trend Analysis
- Weekly Chart: Flat
- Daily Chart: Strong Bearish
- 4 Hourly Chart: Weak Bearish
- Hourly Chart: Weak Bearish
As a whole, the trend for this pair is DOWN for the week.
Forex Technical Analysis
4 Hourly Chart
If you draw a Fibonacci level on this time frame, you can see that the price is being resisted by the 0.382 Fibonacci retracement level.
At the same time, there is a railway track candlestick pattern forming.
Overall Forex Analysis
I will look to go SHORT for this pair as there is a confluence between the trend and the strong resistance on the 4 hourly chart.
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