Forex Trading Signal Week #8 2010
March 16, 2010 by Kelvin
Filed under Forex Signals
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
The EMAs on the weekly chart continues to demonstrate a downtrend. As for the daily chart, the 100 EMA has cut below the 200 EMA and moving closer to the 400 EMA signaling a change in trend from up to down. As for the 4 hour chart, the EMAs are all stacked downward with good angle and separation indicating a downtrend.
From the alignment of the 3 charts, the overall trend for the GBPJPY will be DOWN.
Forex Technical Analysis
From the analysis of the weekly chart, the price continues to test the Fibonacci 0.382 support at 135.885 for the third time. However you have to be caution as the stochastic is already oversold.
On the daily chart, the price is currently held by the Fibonacci 0.500 resistance level at 137.898 and the Stochastic is curving down.
On the 4 hour chart, the price is actually in the formation of a Gartley bearish pattern. If the price move up to the 139.177 level, it will be able to form a perfect symmetry for the Gartley pattern and a SELL signal will be produced.
GBPJPY Weekly
GBPJPY Daily
GBPJPY 4Hour
Overall Forex Analysis
As a whole, I will say that the GBPJPY is bearish but you have to take note that the Japanese government has indicated that they are not happy with the strong Yen and this may means that they might intervene the market to weaken the Yen. Do be careful.
I will go SHORT if the price hits the 139.177 level forming the perfect Gartley pattern. However if the price move above 137.803, this will create a BUY Signal.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
The trend on the weekly chart is pretty weak as the EMAs are flat. As for the daily chart, the 100 EMA has cut below the 200 EMA signaling a downtrend is coming for this pair. As for the 4 hour chart, the EMAs are all stacked nicely downward with good angle and separation.
From the above, it looks like the EURUSD is currently in a downtrend.
Forex Technical Analysis
On the weekly chart, the price is held by the Fibonacci 0.382 level at 1.34789 and is now resisted by the Fibonacci 0.5 level at 1.37933. On the daily chart, it looks like there is a Elliot wave formation in action but it can only be confirmed when the fourth wave is produced. The stochastic at the time of writing is curving down.
As for the 4 hour chart, the price is in a trend channel and the Stochastic has just curve up and moving up.
EURUSD Weekly
EURUSD Daily
EURUSD 4hour
Overall Forex Analysis
I will go SHORT when the price move below 1.35225 and I will go LONG if the price goes above 1.37700.
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