Forex Trading Signal Week #7 2010
March 8, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The trend on the weekly chart continues to be down as the EMAs are all pointing down. As for the daily chart, the faster EMA has cut below the 200 EMA and is looking set to cut below the 400 EMA signalling a downtrend. On the hourly chart, the EMAs are pointing down but the faster EMA is slowly curving up looking to cut above the 200 EMA.
In my previous forex trading signal week #6 2010, I told you that the price on the weekly chart has broke the 0.382 support level but the candle did not hold and ended up being pushed up to above the 0.382 level on Friday last week. In addition, the stochastic is oversold and is curving up.
On the daily chart, the price has moved to the 1.500 Fibonacci extension level but was supported and pushed up last week. However the stochastic has reached the overbought zone and look likely to move down to fulfil its full Fibonacci extension at 131.043.
On the hourly chart, the price is currently held by a resistance at 137.036 and it has tested it several times. The stochastic has went overbought and is now pointing down.
GBPJPY Weekly
GBPJPY Daily
GBPJPY Hourly
Overall Forex Analysis
The overall trend continues to be DOWN and I will look for opportunity to SHORT the GBPJPY. However you have to be careful about the support level on the weekly chart.
I will go SHORT if the price goes below 135.603.
2) Forex Trading Singal For EURUSD
Forex Trend Analysis
On the weekly chart, the trend is still UP but the momentum continues to be weak. As for the daily chart, the faster EMA has touched the 200 EMA and look set to cut below it. On the hourly chart, the EMAs are totally flat indicating a period of consolidation.
Forex Technical Analysis
The price is supported by the Fibonacci 0.382 level at 1.34918. In fact the support is pretty strong as it has been tested for 5 times. At the same time, the stochastic is oversold and is now curving up.
On the daily chart, the price has reached its full Fibonacci extension and is now doing a retracement. On the hourly chart, the price is moving in a range and has just touched its resistance. The stochastic is now overbought and this gives you a good chance to SHORT this pair to trade the range.
EURUSD Weekly
EURUSD Daily
EURUSD Hourly
Overall Forex Analysis
I will go SHORT at 1.36854 and will put my stop loss at 1.37334 to trade the range.
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