Forex Trading Signal Week #9 2010
March 22, 2010 by Kelvin
Filed under Forex Signals
Congrats to those of you who have taken the GBPJPY trade last week as the trade has made a profit of near to 500 pips as per today.
Below is the trading signal for this week.
1) Forex Trading Signal For GBPJPY
Forex Trend Analysis
In this week analysis, the overall trend of the weekly chart is DOWN and has quite a strong momentum. On the daily chart, the 100 EMA is closing in to the 400 EMA after cutting below the 200 EMA signalling a downtrend. As for the 4 hour chart, the trend continues to be down.
As a whole, the GBPJPY is currently in a bearish movement.
Forex Technical Analysis
The price is again testing the Fibonacci 0.382 support level at 135.611. The stochastic has curved up after reaching the oversold zone and is now looking to curve down.
On the daily chart, the price has successfully broken down the Fibonacci 0.5 level at 137.898 and is approaching the next support level at 134.854. In addition, the stochastic is moving down with steep momentum.
On the 4 hour chart, there is a breakout trade available as the price break through the trend channel at 136.700. You need to take note that the stochastic is currently oversold and may move up.
GBPJPY Weekly
GBPJPY 4Hour
Overall Forex Analysis
The overall trend of this pair is DOWN and I will only take SHORT trade for this week. I will enter a SHORT trade if the price moves below the 134.752 mark which is the 0.764 Fibonacci level on the 4 hourly chart.
2) Forex Trading Signal For EURUSD
Forex Trend Analysis
The trend on the weekly chart is still very weak as the EMAs are sloping with gentle gradient. On the daily chart, the 100 EMA has cut below the 200 EMA signalling a downtrend in action. As for the 4 hour chart of this pair, the trend is down with the EMAs stacking themselves downward one after the other.
Forex Technical Analysis
On the weekly chart, the price is testing the Fibonacci 0.382 support level at 1.34884 for the 5th times. The stochastic is starting to curve down as well.
On the daily, I observe a possible formation of a Elliot Wave but it still can’t be confirm yet. However you have to take note that there is a strong support level at the 1.34562 level.
As for the 4 hour chart, the price has also breakout from a trend channel but it is reaching its price projected target and therefore you have to be careful.
EURUSD Weekly
EURUSD Daily
EURUSD 4hour
Overall Forex Analysis
As a whole, the short term trend for this pair is DOWN and I will enter a SHORT trade if the price manages to break below 1.3450.
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