Forex Trading Signal Week #6 2010
March 3, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The weekly trend for this curreny pair is still down with the good separation of the EMAs. After going through a period of upward trend on the daily chart, the faster EMA has started to cut below the 200 and 400 EMAs indicating a downtrend.
As for the hourly chart, the EMAs are all stacked nicely with good angle and separation signaling a downtrend.
Finally the price has successfully cut below the strong fibonacci support level at the weekly chart as stated in my previous forex signal week #5. As the price is fulfiling the 5th wave of Elliot wave patterns, it will continue to move down but there will be time where the price will be hold by strong support.
There are several support to take note and they are at 135.603, 129.201 and 118.859.
As for the daily chart, it seems like the price is continuing its fibonacci extension to the 1.618 level at 130.756. Do take note that there are another support level at the 132.205. At the time of writing, the stochatic for this pair is highly oversold.
On the hourly chart, I have noticed the formation of another Elliot wave and it is at its 4th wave and may be going to fulfil its fifth wave movement. The stochastic has reached the overbought zone and will be looking to move down anytime.
GBPJPY Weekly
GBPJPY Daily
GBPJPY Hourly
Overall Forex Analysis
As the GBPJPY is in a strong bearish movement, I will look to do SHORT for this pair. In fact, I have entered some lots for long term short trades.
For shorter term trades, I will go SHORT at 133.5 and take profit around 133.194, 132.492 and 130.653.
2) Forex Trading Signal For EURUSD
The trend on the EURUSD weekly chart is up but the momentum is still pretty weak as the EMAs are flat. On the daily chart, the faster moving EMA has cut below the 200 EMA and is still moving down signaling a down trend. As for the hourly chart, the EMAs are flat signaling a period of indecision.
Forex Technical Analysis
On the weekly chart, the price is supported by 0.382 Fibonacci level and in fact this level has been tested 3 times making it a strong support. The stochastic is oversold and is now curving up.
On the daily chart, the price has fulfil the full 1.618 fibonacci extension and in fact has moved down to 1.764 level and this level has been tested for 7 times making it a strong support.
On the hourly chart, the price is now moving in a channel and has just hit the resistance level at the time of writing.
EURUSD Weekly
EURUSD Daily
EURUSD Hourly
Overall Forex Analysis
I will go LONG if the price breakout of the channel at 1.36542 and I will not do any SHORT term for this week as there is a high chance that EURUSD is moving up.
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